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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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Showing 1416 to 1420 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- PTC India Limited - India
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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