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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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