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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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Thursday, 24 October 19
AUSTRALIA'S HOPES TO EXPAND COAL EXPORTS IN SOUTH-EAST ASIA 'DELUSIONAL', EXPERTS SAY - THE GUARDIAN
The number of new coal-fired power plants starting construction across south-east Asia has fallen markedly over the past two years as Australia has ...
Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
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- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- The University of Queensland
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Bhatia International Limited - India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- PTC India Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- The Treasury - Australian Government
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