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