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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, 09 January 20
SUPRAMAX: A NUMBER OF INDONESIAN ROUND TRIPS WERE REPORTED AT BELLOW USD 5,000 PD LEVELS - FEARNLEYS
Capesize
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Wednesday, 08 January 20
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Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
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Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Mercator Lines Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
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