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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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