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