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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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