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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
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- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
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