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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Planning Commission, India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- The University of Queensland
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
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