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