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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
Monday, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
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Showing 1361 to 1365 news of total 6871 |
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- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Indian Energy Exchange, India
- Indika Energy - Indonesia
- Australian Commodity Traders Exchange
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- PTC India Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Singapore Mercantile Exchange
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
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