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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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