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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Australian Coal Association
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Parry Sugars Refinery, India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Heidelberg Cement - Germany
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Central Electricity Authority - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
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