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