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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- The University of Queensland
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Australian Coal Association
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kobexindo Tractors - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
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