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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Renaissance Capital - South Africa
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Riau Bara Harum - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Australian Coal Association
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
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