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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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Showing 1391 to 1395 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- White Energy Company Limited
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Deloitte Consulting - India
- Georgia Ports Authority, United States
- Romanian Commodities Exchange
- Australian Coal Association
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
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