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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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Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
Wednesday, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
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- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
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