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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, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
Monday, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
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- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Therma Luzon, Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
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