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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, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- The University of Queensland
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
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