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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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.
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Wednesday, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Planning Commission, India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- The University of Queensland
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
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