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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Parliament of New Zealand
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
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