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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- New Zealand Coal & Carbon
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- London Commodity Brokers - England
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Deloitte Consulting - India
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