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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, 06 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMC Global Power, Philippines
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Antam Resourcindo - Indonesia
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