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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 11 December 18
PORT OF NEWCASTLE SHIPPED 10.849 MMT OF COAL IN NOVEMBER DOWN 23.44 PERCENT MOM
COALspot.com: The Port of Newcastle, Australia’s major trading port and the world’s largest coal export port has shipped A$ 1,574.8 mil ...
Thursday, 06 December 18
IN THE EAST, BIGGER SUPRA WAS FIXED CA US$ 10K FOR INDO-CHINA COAL ROUND - FEARNLEYS
Capesize
There is cautious optimism for the Capes, with healthier volumes and improving rates in the Pacific. West Australia round is gradually ...
Thursday, 06 December 18
U.S. COAL CONSUMPTION IN 2018 EXPECTED TO BE THE LOWEST IN 39 YEARS - EIA
EIA expects total U.S. coal consumption in 2018 to fall to 691 million short tons (MMst), a 4% decline from 2017 and the lowest level since 1979. U ...
Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings say ...
Thursday, 06 December 18
CHINA REVISES MANAGEMENT RULES ON ESTABLISHMENT OF FULLY FOREIGN-OWNED SHIPPING BUSINESSES - XINHUA
Foreign shipping companies will find it easier to establish wholly-owned subsidiaries in China thanks to a revised regulation due to take effect on ...
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Showing 1536 to 1540 news of total 6871 |
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- Power Finance Corporation Ltd., India
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- White Energy Company Limited
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
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