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