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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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