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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, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
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- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- The University of Queensland
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Ministry of Mines - Canada
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
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