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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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Tuesday, 08 January 19
GLOBAL TRADE GROWTH EXPECTED TO REMAIN AT HEALTHY IN 2019 - ALLIED
2019 is here and we find ourselves with new challenges for the shipping industry and the global economy as whole, with market prospects being neith ...
Monday, 07 January 19
THE NEWCASTLE BENCHMARK SPOT PRICE IS FORECAST TO DECLINE FROM AN ESTIMATED AVERAGE OF US$105 A TONNE IN 2018 TO US$74 A TONNE IN 2020 - DEPARTMENT OF INDUSTRY, AUSTRALIA
• The Newcastle benchmark spot price is forecast to decline from an estimated average of US$105 a tonne in 2018 to US$74 a tonne in 2020, prim ...
Monday, 07 January 19
INDONESIAN GOVERNMENT DECLARED COAL BENCHMARK PRICE FALLS FOR FIFTH STRAIGHT MONTH IN JANUARY 2019; LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 07 January 19
RUSSIA'S COAL PRODUCTION UP 5.9% TO 433.4 MLN TONNES IN 2018 - TASS
Coal production in Russia in 2018 increased by 5.9% year-on-year to 433.4 mln tonnes, according to the Central Dispatching Department of Fuel Energ ...
Friday, 04 January 19
FOCUS IS ON BOOSTING COAL PRODUCTION: INDIAN COAL MINISTER
The current focus of the government is on boosting production from operational coal mines, according to Minister for Coal, Piyush Goyal.
...
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- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- ASAPP Information Group - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
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