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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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Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- Samtan Co., Ltd - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
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