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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- MS Steel International - UAE
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Minerals Council of Australia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- The University of Queensland
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
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