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