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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
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