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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
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- PTC India Limited - India
- Baramulti Group, Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- MS Steel International - UAE
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Deloitte Consulting - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Indian Oil Corporation Limited
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
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