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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Planning Commission, India
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
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