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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which renders them more aggressive in securing tonnage in a market that had already seen a number of candidates being withdrawn.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, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
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- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- The University of Queensland
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
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