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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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