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Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
 In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially when the drop in rates takes place in a relatively short period of times, which was the case recently. Aside from the levels of the market and the respective number of deals as this is depicted in the table below, what might be even more interesting to look at is whether in these cases asset prices also moved in tandem with SnP activity and to what degree.
In the case of the 28kdwt Japanese Handy, the number of sales during the first two months of 2017 was more than double compared to the same period this year. Two years ago a 2006 built vessel was valued at high USD 5 million, while the same amount of money will today get you a 2004 built vessel –four years older – even though the BHSI is around the same levels.
As far as Supramax SnP ytd activity is concerned, this is decreased around 30% compared to 2017, while prices are today at relatively higher levels. Indeed, a 57k dwt 2011 Chinese built vessel was valued at around mid- USD 9 million back then, while a 57k dwt 2011 Chinese built Supra was fixed today for high- USD 9 million.
The fact that a very bad year preceded Q1 2017 certainly allowed for more deals back then, with Buyers being hungry for tonnage, after the market had finally started to move up, and Sellers being “exhausted” following many challenging months and ready to accept lower levels. In trying to offer an explanation for the price resistance one could say that Buyers could be already cashing in an extended recovery in rates (after all earnings have already been improving for all other sizes but Capes), which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.
So the anxiety that this could be a window of opportunity to invest that could be soon closing as the market recovers plays a significant role in supporting asset prices. Many are indeed expecting that prices will not adjust accordingly to today’s rates and that positive freight performance from a point onwards will eventually result in even higher prices, which in retrospect will render todays levels as the window of opportunity. So maybe it is time to redefine what “window of opportunity” means and whether this is a short term correction in prices compared to the very recent past or a longer period during which asset prices align with earnings.
By Nassos Soulakis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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Showing 1396 to 1400 news of total 6871 |
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- Vizag Seaport Private Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Mjunction Services Limited - India
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Orica Australia Pty. Ltd.
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