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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, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
...
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- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Larsen & Toubro Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
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