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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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Parliament of New Zealand
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- White Energy Company Limited
- MS Steel International - UAE
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
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