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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Economic Council, Georgia
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Australian Coal Association
- Baramulti Group, Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
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