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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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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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Showing 1451 to 1455 news of total 6871 |
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- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- The University of Queensland
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
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