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