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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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Thursday, 30 January 20
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Thursday, 30 January 20
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Cape
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Wednesday, 29 January 20
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MARKET INSIGHT - INTERMODAL
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Tuesday, 28 January 20
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- Thai Mozambique Logistica
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Planning Commission, India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Barasentosa Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Australian Coal Association
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- The Treasury - Australian Government
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
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