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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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Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- VISA Power Limited - India
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
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