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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, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
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- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Australian Coal Association
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Planning Commission, India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
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