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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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