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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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Sunday, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Australian Coal Association
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Minerals Council of Australia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Coalindo Energy - Indonesia
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- The Treasury - Australian Government
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