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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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Showing 1396 to 1400 news of total 6871 |
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- Posco Energy - South Korea
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- New Zealand Coal & Carbon
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- CNBM International Corporation - China
- Planning Commission, India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Australian Coal Association
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- PTC India Limited - India
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
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