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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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