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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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Showing 1426 to 1430 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Planning Commission, India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Parliament of New Zealand
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