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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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