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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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Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
Wednesday, 24 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
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Showing 1411 to 1415 news of total 6871 |
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- Straits Asia Resources Limited - Singapore
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- The University of Queensland
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
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