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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, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
Thursday, 26 September 19
INDIA INCREASES ITS ANNUAL COAL PRODUCTION BY 2.7% PER YEAR FROM 850 MILLION SHORT TONS IN 2018 TO 2 BILLION SHORT TONS BY 2050 - EIA
Worldwide coal production holds steady at about 8 billion short tons, or 160 quadrillion British thermal units (Btu), per year through 2040. Inc ...
Wednesday, 25 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
In the past five months there has been significant activity in the asset market with the dry bulk segment being by far the most volatile in terms o ...
Tuesday, 24 September 19
9TH ANNUAL SUPPLY CHAIN INNOVATION SUMMIT 2019 ASIA PACIFIC
Summit: 9th Annual Supply Chain Innovation Summit 2019 Asia Pacific
Host: Ace Events
Website: http: ...
Monday, 23 September 19
SUPRAMAX: THE ASIAN ARENA IT WAS A SLOW START, BUT DEMAND INCREASED AS THE WEEK WENT ON - BALTIC BRIEFING
Capesize
The market trended down over this past week, breaking the market out of its upward trending range. While the market traded sideways at ...
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- Bayan Resources Tbk. - Indonesia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Australian Coal Association
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Eastern Energy - Thailand
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Economic Council, Georgia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
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