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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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Showing 1381 to 1385 news of total 6871 |
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- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Price Waterhouse Coopers - Russia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Economic Council, Georgia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- PTC India Limited - India
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Planning Commission, India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ambuja Cements Ltd - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
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