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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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Tuesday, 26 November 19
PREPARATIONS INTENSIFY AS 1 JANUARY 2020 GLOBAL CUT IN SULPHUR IN SHIP'S FUEL OIL LOOMS: IMO
“IMO 2020” requirements for ships to cut sulphur oxide emissions enter into effect in just over one month’s time. This will signi ...
Monday, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 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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- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- The University of Queensland
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Economic Council, Georgia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- White Energy Company Limited
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Australian Coal Association
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
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