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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, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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