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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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Saturday, 29 December 18
DELIVERY OF CARGO WITHOUT PRODUCTION OF THE ORIGINAL BILL OF LADING - TT CLUB
KNOWLEDGE TO ELEVATE
As the bill of lading is a document of title, a person presenting it to the carrier or its agent is ostensibly entitled t ...
Friday, 28 December 18
BIMCO 2020 SULPHUR CLAUSES: "A FAIR ALLOCATION OF RESPONSIBILITIES AND LIABILITIES'? - INCE & CO.
To assist owners and charterers to address the legal issues arising under any time charterparties, which will span the 1 January 2020 implementatio ...
Thursday, 27 December 18
DRY BULKERS SPOT FREIGHT MARKET W/E 21 DEC - ALLIED SHIPBROKING
Capesize
A negative week for the Capesize sector, as activity remained at low levels, especially in the Pacific, with rumors regarding agreed r ...
Thursday, 27 December 18
SHIPPING IS ENTERING A NEW ERA OF EVER CHALLENGING CONDITIONS - ALLIED
As we move closer to the end of the year and we look forward into New Year, we are still finding ourselves looking deep into a market outlook full ...
Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
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Showing 1511 to 1515 news of total 6871 |
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- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Global Green Power PLC Corporation, Philippines
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- The University of Queensland
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
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