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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Kobexindo Tractors - Indoneisa
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
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