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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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