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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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Sunday, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Tata Chemicals Ltd - India
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Port Waratah Coal Services - Australia
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
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