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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
Wednesday, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
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- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Planning Commission, India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- The University of Queensland
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
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