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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Medco Energi Mining Internasional
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
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