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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Minerals Council of Australia
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
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