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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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Showing 1531 to 1535 news of total 6871 |
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- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- PTC India Limited - India
- Commonwealth Bank - Australia
- White Energy Company Limited
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
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