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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, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
Tuesday, 07 January 20
BHP EYES INDIA FOR COAL GROWTH AS CHINA DEMAND FLATLINES - SYDNEY MORNING HERALD
Australia’s largest miner, BHP, believes the long-term trajectory of the emerging economy of India and the acceleration of its steelmaking ou ...
Sunday, 05 January 20
BUNKER QUALITY CLAIMS IN 2020 - ISSUES TO CONSIDER - CLYDE&CO
KNOWLEDGE TO ELEVATE
In recent years the shipping industry has faced a significant number of bunker quality claims, most notably ari ...
Saturday, 04 January 20
SUPRAMAX: A 53,000DWT VESSEL FIXING DELIVERY INDONESIA TRIP TO CHINA AT $4,000 AND A 58,000DWT SHIP FIXING DELIVERY EAST KALIMANTAN TRIP TO THAILAND AT $5,500 - BALTIC BRIEFING
Capesize
The New Year started with an erosion on pre-Christmas rates as the higher low sulphur fuel costs due to IMO 2020 affected levels. From ...
Thursday, 02 January 20
DMO 2020 PRICE SET FOR ELECTRICITY SECTOR - IAN WOLLFF
On the 26th December 2019, the Minister of Energy and Mineral Resources (ESDM) issued the decree No. 261.K/30.MEM/2019 about the States needs for c ...
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- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- VISA Power Limited - India
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Minerals Council of Australia
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