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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
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INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
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Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
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IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Electricity Authority, New Zealand
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Minerals Council of Australia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
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