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