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