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