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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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