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