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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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