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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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Showing 1446 to 1450 news of total 6871 |
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- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Marubeni Corporation - India
- Videocon Industries ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Planning Commission, India
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Eastern Coal Council - USA
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
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