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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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Showing 1356 to 1360 news of total 6871 |
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- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Ind-Barath Power Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
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