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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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Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
Saturday, 16 November 19
LIFE AFTER FOSSIL FUELS: THE DAYS OF OIL AND COAL TRANSPORTATION ARE NUMBERED - BALTIC EXCHANGE
With the world fiercely focused on a decarbonised future, fossil fuel movers and traders might rightly be reconsidering their future. But cast a wi ...
Saturday, 16 November 19
OIL MARKET REPORT: PAUSING TO REFLECT - IEA
Global oil demand in 3Q19 increased by 1.1 mb/d year-on-year (y-o-y), more than double the 435 kb/d seen in 2Q19. China’s demand increased by ...
Friday, 15 November 19
RISING ENERGY DEMAND IN SOUTHEAST ASIA TO BE MET AND SUPPORTED BY COAL - WORLD COAL
Last week the International Energy Agency (IEA) released its semi-annual Southeast Asia Energy Outlook report which outlines the latest insights in ...
Thursday, 14 November 19
EIA EXPECTS U.S. STEAM COAL EXPORTS TO FACE INCREASING COMPETITION FROM EASTERN EUROPEAN SOURCES
EIA expects total U.S. coal production in 2019 to total 698 million short tons (MMst), an 8% decrease from the 2018 level of 756 MMst. The decline ...
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Showing 1286 to 1290 news of total 6871 |
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- Kartika Selabumi Mining - Indonesia
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Minerals Council of Australia
- Economic Council, Georgia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
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