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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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