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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, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Indian Energy Exchange, India
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Australian Coal Association
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Economic Council, Georgia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- India Bulls Power Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
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