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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
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