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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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- ASAPP Information Group - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
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