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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Coal and Oil Company - UAE
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Antam Resourcindo - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Siam City Cement - Thailand
- Indian Oil Corporation Limited
- Australian Coal Association
- Semirara Mining Corp, Philippines
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