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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, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
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