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Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
 Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. The BDI index decreased by around 50% from mid-December until the end of January and moved to the ytd low of 595 points on 11 February. Although a moderate drop was expected – having become a “seasonal phenomenon”, with subsequent losses before and during the Chinese lunar year – the magnitude of the decline in rates and indexes was largely unexpected. Moreover, the extended Capesize weakness continues to keep the BDI below 700 points despite the fact that earnings for the rest of the sizes have substantially recovered in the past weeks.
As was expected, in a period of three months with low freight rates, asset prices were also affected. However, naturally, the decrease on assets did not equal the decline of the freight rates. In the Capesize sector, it is notable that within the first quarter of 2019, there were no SnP transactions. Owners of the specific segment, despite having witnessed a dramatic fall in rates are so far showing resistance.
In the Panamax sector, the ‘TAURUS OCEAN’ (78,819dwt-blt ’08, Japan) was sold last November for a price in the region of $14.5m, while a few days ago it was reported that the ‘ATLAS B’ (76,554dwt-blt ’08, Japan), was sold for a price in the region of $12.1m, similarly resulting to a 17% decrease.
The smaller decline of asset prices can be observed in Supramaxes of around 10 years old. The ‘OCEAN COLOSSUS’ (58,831dwt-blt ’10, Japan), was sold at end of December for a price in the region of $15.5m, while her identical sister ‘KOREAN LILY’ (58,713dwt-blt ’10, Japan), was sold two weeks ago for a price in the region of $14.2m, indicating only a 8% decrease.
There is greater asset price elasticity for Handysizes than that observed in Supramaxes. Indicatively, the ‘ASIAN BEAUTY’ (28,218dwt-blt ’11, Japan) was sold last November for a price in the region of $9.5m, while a sister vessel, the ‘TOKOMARU BAY’ (28,258dwt-blt ’11, Japan), was committed a few days ago for a price in the region of $8.2m, indicating a 14% decrease.
It should be noted that the aforementioned comparisons are indicative and do not accurately represent the exact asset price decreases across segments. They do, nevertheless, offer us an indication of the underlying pricing trends, coupled with how prices fared in the past few months.
The slow market recovery to pre-Christmas levels or similar, does not seem to be creating such a big concern in the SnP market. Despite the discounted rates, SnP activity remains elevated overall even though sellers have shown greater than expected resistance. There appears to be a positive sentiment generally, resulting in many ship-owners buying low or replacing older tonnage with more modern units. All in all, there is some optimism that there will be an increase of freight rates in q2 and q3, as indicated by charterers asking for vessels for period charters in far better levels compared to the spot market.
By Konstantinos Kontomichis
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.
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Saturday, 01 February 20
THERMAL COAL MARKETS: 5 TRENDS TO WATCH OUT FOR IN 2020 - MINING REVIEW
The seaborne thermal coal market entered the year challenged by low priced LNG in the Atlantic and rapidly increasing supply in the Pacific.
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Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
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Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
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The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
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- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- VISA Power Limited - India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Planning Commission, India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Aboitiz Power Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
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