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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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