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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
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
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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- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- The University of Queensland
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Trasteel International SA, Italy
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- PTC India Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
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