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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, 03 January 19
CAPESIZE: A MORE POSITIVE START OF THE NEW YEAR THAN EXPECTED FOR THE BIG SHIPS - FEARNLEYS
Capesize
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first tra ...
Tuesday, 01 January 19
INDONESIA: COAL PRODUCTION EXPECTED TO EXCEED THIS YEAR'S TARGET - JP
Indonesian coal production reached 456 million tons up to Thursday or 94.02 percent of this year’s total target of 485 million tons, accordin ...
Monday, 31 December 18
THE INDONESIAN COAL MARKET Q1 '19 FORECAST: LOOKS DIRECTIONLESS - TRADER
The Indonesian coal market looks directionless, an International coal trader said when we asked him to give his forecast for 1Q' 2019.
...
Monday, 31 December 18
GLOBAL COAL DEMAND GREW BY 1% IN 2017; GLOBAL COAL POWER GENERATION INCREASED BY OVER 250 TWH - IEA
After two years of decline, global coal demand grew by 1% in 2017 to 7585 Mt as stronger global economic growth increased both industrial output an ...
Sunday, 30 December 18
MAJOR LNG BUYERS' UNCONTRACTED DEMAND TO QUADRUPLE BY 2030 - WOOD MACKENZIE
Wood Mackenzie’s latest research reveals that uncontracted demand by the world’s seven largest LNG buyers could quadruple to 80 million ...
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- SMG Consultants - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Xindia Steels Limited - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- Salva Resources Pvt Ltd - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- VISA Power Limited - India
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
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