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