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