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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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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- White Energy Company Limited
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Parliament of New Zealand
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Videocon Industries ltd - India
- VISA Power Limited - India
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