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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Australian Coal Association
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Parliament of New Zealand
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
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