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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Malabar Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
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