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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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Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
Monday, 14 October 19
WINTER OIL MARKET OUTLOOK - OPEC
Product markets in the last two months have benefitted from seasonal maintenance which have led to a tighter product market environment, providing ...
Sunday, 13 October 19
INDONESIA: PANAMAX VESSELS OPEN SOUTH CHINA WERE REPORTEDLY FIXED AT $14,000 LEVEL, WITH REDELIVERY BACK IN CHINA - BALTIC BRIEFING
Capesize
The Capesize market managed to find a floor and rally a little this week after several weeks of declines. While the West Australia to ...
Friday, 11 October 19
INDIAN MINERS REJECT PLAN TO LINK NATIONAL COAL INDEX TO FOREIGN PRICES - REUTERS
India’s miners are rejecting a government proposal to establish a national coal index that would be linked to international prices, documents ...
Friday, 11 October 19
THE OCTOBER BENCHMARK PRICE OF INDONESIAN THERMAL COAL DECLINES TO LOWEST SINCE OCTOBER 2016
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
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