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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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Friday, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- The University of Queensland
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- ASAPP Information Group - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- PTC India Limited - India
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