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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, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
Monday, 04 November 19
PANAMAX: WEAKER SENTIMENTS CONTINUED FROM LAST WEEK, WITH RATES FURTHER SOFTENING IN BOTH BASINS - BALTIC BRIEFING
Capesize
The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, t ...
Thursday, 31 October 19
U.S. COAL-FIRED POWER PLANTS SCHEDULED TO SHUT - REUTERS
U.S. power companies expect to retire or convert from coal to gas over 13,800 megawatts (MW) of coal-fired plants in 2019 after shutting over 13,30 ...
Thursday, 31 October 19
SE ASIA MAY BECOME NET FOSSIL FUEL IMPORTER IN COMING YEARS - IEA
Southeast Asia is set to become a key driver of world energy trends over the next 20 years as its energy demand grows at twice the global average, ...
Monday, 28 October 19
ULTRAMAX: ASIA RATES REMAINED UNDER PRESSURE WITH THE NORTH LACKING FRESH ENQUIRY - BALTIC BRIEFING
Capesize
The end of the week brought about a small increase in sentiment heading into a long weekend for some regions. After sustaining a drop ...
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- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Australian Coal Association
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Leighton Contractors Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
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