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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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Thursday, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
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- PTC India Limited - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Singapore Mercantile Exchange
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