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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, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- MS Steel International - UAE
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
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