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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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Tuesday, 18 June 19
TANKER SHIPPING: WHILE WE WAIT FOR 2020 TO KICK IN, IT'S ALL ABOUT POLITICS - BIMCO
Demand drivers and freight rates
Iran, Libya and Venezuela face export limitations because of sanctions and internal political troubles. At the s ...
Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
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- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
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