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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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Sunday, 09 June 19
SUPRAMAX: ASIA LOST GROUND; THE INDIAN OCEAN SAW SLOWER ACTIVITY - BALTIC BRIEFING
Capesize
The market continued in an unusually steady ascent last week. With no major news in the market, each day improved on the last, breakin ...
Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
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- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Planning Commission, India
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- GMR Energy Limited - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Australian Coal Association
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
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