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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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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- ICICI Bank Limited - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
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