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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
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- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Mjunction Services Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Aditya Birla Group - India
- PTC India Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
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