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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Planning Commission, India
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Central Electricity Authority - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Uttam Galva Steels Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
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