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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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.
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Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
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Showing 1326 to 1330 news of total 6871 |
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- Essar Steel Hazira Ltd - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- ASAPP Information Group - India
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Planning Commission, India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- White Energy Company Limited
- Aditya Birla Group - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
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