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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asmin Koalindo Tuhup - Indonesia
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