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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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