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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, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Ministry of Finance - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tamil Nadu electricity Board
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