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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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