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