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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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- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Mercuria Energy - Indonesia
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Australian Coal Association
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Economic Council, Georgia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
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