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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, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
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- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
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