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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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Showing 1411 to 1415 news of total 6871 |
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- Karaikal Port Pvt Ltd - India
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- PTC India Limited - India
- Planning Commission, India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- The University of Queensland
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Bulk Trading Sa - Switzerland
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
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