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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- White Energy Company Limited
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- CNBM International Corporation - China
- The University of Queensland
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
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