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