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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
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