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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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Saturday, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Madhucon Powers Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- The University of Queensland
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
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