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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
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- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Australian Coal Association
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
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