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