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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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