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