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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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Showing 1526 to 1530 news of total 6871 |
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- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- VISA Power Limited - India
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
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