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