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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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Showing 1481 to 1485 news of total 6871 |
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- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
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