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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
...
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- GMR Energy Limited - India
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Orica Australia Pty. Ltd.
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
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