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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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Tuesday, 21 January 20
ASIA'S APPETITE FOR COAL GROWS, WITH CHINA THE KEY DECIDER - NIKKEI
Although renewable power generation is expected to rise significantly in Asia, India’s vast electricity needs will still underpin global dema ...
Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
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- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Indian Energy Exchange, India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
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