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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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Showing 1436 to 1440 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Chamber of Mines of South Africa
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
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