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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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Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
Sunday, 23 June 19
SUPRAMAX: A 56,000-DWT WAS FIXED FROM INDONESIA TO VIETNAM AT $10,000 - BALTIC BRIEFING
Capesize
The story over the past week has been largely Atlantic dominated as the basin’s uniquely volatile characteristics came into play ...
Saturday, 22 June 19
OPEC'S BATTLE FOR CONTROL OF THE OIL MARKET - WOOD MACKENZIE
Oil supply is confounding expectations. We have just raised our forecasts for non-OPEC production, the latest in a series of incremental increases. ...
Friday, 21 June 19
INDONESIA'S BAYAN RESOURCES SIGNED A COAL SUPPLY AGREEMENT WITH THE BANGLADESH BCPCL TO SUPPLY 23 MILLION TONS OF COAL FOR 10 YEARS
On Monday, 17th June 2019, PT. Bayan Resources signed a Coal supply Agreement with the Bangladesh- China Power Company (Pvt.) Limited. BCPCL is a j ...
Thursday, 20 June 19
BUMI RESOURCES EXPECTS TO SELL 42 MILLION TONS OF COAL IN FIRST HALF - JAKARTA POST
PT Bumi Resources (BUMI), Indonesia's largest thermal coal miner, expects to close the first half of this year with coal sales of 42 million to ...
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- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Australian Coal Association
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Eastern Energy - Thailand
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
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