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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, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- White Energy Company Limited
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
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