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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
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Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Central Electricity Authority - India
- PTC India Limited - India
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
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