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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Planning Commission, India
- The University of Queensland
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
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