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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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