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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Minerals Council of Australia
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Xindia Steels Limited - India
- The University of Queensland
- VISA Power Limited - India
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
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