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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, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Minerals Council of Australia
- PTC India Limited - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Economic Council, Georgia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- White Energy Company Limited
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Bhatia International Limited - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
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