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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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Friday, 08 March 19
KOMIPO INVITES BIDS FOR 2.6 MILLION TONS OF AUSTRALIAN 5700 NAR COAL FOR FIVE YEARS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Australian origin to be burnt ...
Friday, 08 March 19
CHINA'S COAL DEMAND FORECAST TO DROP SLOWLY - YONHAP
China’s coal demand is expected to fall at a snail’s pace over the next 20 years due to the country’s preference for the cheap fo ...
Thursday, 07 March 19
INDONESIAN COAL PRICE REFERENCE PLUNGE TO LOWEST IN SEVEN MONTHS
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 06 March 19
KOSPO INVITES BIDS FOR 80,000 MT OF 3800 NCV COAL FOR 21 - 30 MARCH, 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 80,000 MT of min 3,800 kcal/kg NCV low calor ...
Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
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- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- VISA Power Limited - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Aditya Birla Group - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Planning Commission, India
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- ICICI Bank Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Central Java Power - Indonesia
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Kobexindo Tractors - Indoneisa
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