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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
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- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Australian Coal Association
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Siam City Cement - Thailand
- PTC India Limited - India
- MS Steel International - UAE
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
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