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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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Tuesday, 19 February 19
FAST DEPLETING COAL RESERVES COULD PUSH UP ENERGY PRICES, CAUTIONS EXPERT - THE HINDU BUSINESS LINE
The fast depletion of coal, a strategic resource and India’s fuel of choice currently, has huge implications for energy costs, according to K ...
Monday, 18 February 19
INDIA'S COAL IMPORT FALLS TO 17.25 MT IN JANUARY - PTI
Coal imports saw a decline in January FY 2019 to 17.25 MT from 19.59 MT in the same month of the previous fiscal, according to a report by mjunctio ...
Monday, 18 February 19
THE ROLE OF COAL IN INDIA'S ENERGY AMBITIONS - WCA
India is the world’s second most populous country and figures among the world’s most rapidly growing economies.
The Sout ...
Saturday, 16 February 19
COALTRANS CHINA 2019, CHINA'S LARGEST COAL INDUSTRY GATHERING
Press Release: Coaltrans China 2019 | With the import ban likely to be lifted, it’s time for you to meet your potentia ...
Wednesday, 13 February 19
MALAYSIA WAS THE REGION'S LARGEST COAL IMPORTER WITH 34 MT IN 2018, UP 25% Y-O-Y
Although coal market in 2018 started with strong prices, starting in the beginning of the second half of 2018, the international spot prices for co ...
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- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- The University of Queensland
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
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