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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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Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
Monday, 11 March 19
SUPRAMAX: A 61,000 DWT VESSEL WAS BOOKED SINGAPORE FOR A TRIP VIA INDONESIA TO CHINA AT $10,500 - BALTIC BRIEFING
Capesize
A faint glimmer of hope with the suggestion the market may have finally bottomed out, with owners attempting to resist further cuts in ...
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- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- The University of Queensland
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Coalindo Energy - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Minerals Council of Australia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Indogreen Group - Indonesia
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
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