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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Showing 1456 to 1460 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
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