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