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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
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Showing 1456 to 1460 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Ministry of Transport, Egypt
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