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