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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, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
Tuesday, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
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- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
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