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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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Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV 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 coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining Corp, Philippines
- The University of Queensland
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Latin American Coal - Colombia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
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