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