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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
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Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
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