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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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Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
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, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- The University of Queensland
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Heidelberg Cement - Germany
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- White Energy Company Limited
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
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