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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
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- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Carbofer General Trading SA - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
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