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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- MS Steel International - UAE
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- The University of Queensland
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
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