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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
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Showing 1506 to 1510 news of total 6871 |
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- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
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