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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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Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- PTC India Limited - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Xindia Steels Limited - India
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Economic Council, Georgia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
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