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