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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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Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Orica Australia Pty. Ltd.
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Australian Coal Association
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Ministry of Finance - Indonesia
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- The University of Queensland
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
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