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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Price Waterhouse Coopers - Russia
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- MS Steel International - UAE
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
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