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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 23 September 19
CHINA RECORDS SLOWER GROWTH IN COAL PRODUCTION - XINHUA
The growth of China’s raw coal production slowed down in August, data from the National Bureau of Statistics (NBS) showed.
Aro ...
Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
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- Riau Bara Harum - Indonesia
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- Eastern Coal Council - USA
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- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
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- International Coal Ventures Pvt Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
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- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
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- Chamber of Mines of South Africa
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- Latin American Coal - Colombia
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- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- White Energy Company Limited
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- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
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- Maharashtra Electricity Regulatory Commission - India
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- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
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- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
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- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
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- The Treasury - Australian Government
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- Parry Sugars Refinery, India
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- Bulk Trading Sa - Switzerland
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- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
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- Petron Corporation, Philippines
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- Malabar Cements Ltd - India
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- PowerSource Philippines DevCo
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- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
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- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
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- SMG Consultants - Indonesia
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- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
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