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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 $8.2m, indicating a 14% decrease.
It should be noted that the aforementioned comparisons are indicative and do not accurately represent the exact asset price decreases across segments. They do, nevertheless, offer us an indication of the underlying pricing trends, coupled with how prices fared in the past few months.
The slow market recovery to pre-Christmas levels or similar, does not seem to be creating such a big concern in the SnP market. Despite the discounted rates, SnP activity remains elevated overall even though sellers have shown greater than expected resistance. There appears to be a positive sentiment generally, resulting in many ship-owners buying low or replacing older tonnage with more modern units. All in all, there is some optimism that there will be an increase of freight rates in q2 and q3, as indicated by charterers asking for vessels for period charters in far better levels compared to the spot market.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 16 May 19
SUPRAMAX: INDO/CHINA COAL RV TRADING AROUND US$ 9,000 BSS S.CHINA DELIVERY - FEARNLEYS
Capesize
This volatile segment is trying to find a clear direction from the present US$ 12,000/day earnings for standard units says Fearnleys W ...
Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
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- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Posco Energy - South Korea
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Australian Coal Association
- Meralco Power Generation, Philippines
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
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