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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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Showing 1446 to 1450 news of total 6871 |
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- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- The University of Queensland
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- India Bulls Power Limited - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Economic Council, Georgia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
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