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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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Tuesday, 18 December 18
TOBA BARA ACQUIRES SHARES OF PT BATU HITAM PERKASA
PT Toba Bara Sejahtra Tbk, through its subsidiary PT Toba Bara Energi (“TBE”), has acquired shares ...
Monday, 17 December 18
SUPRAMAX THERE WAS STRONGER DEMAND FROM SOUTHEAST ASIA, WITH MORE COAL BEING SHIPPED - BALTIC BRIEFING
Capesize
A positive end to last week after a somewhat uncertain start as some gains made were eroded. Rates recovered later for West Australia/ ...
Monday, 17 December 18
SOUTH KOREA STATE-OWNED UTILITY KOREA EAST-WEST POWER CO. LTD ISSUED A TENDER FOR MAX 3.220 MILLION TONS OF 4200 TO 5900 NAR COAL
COALspot.com: South Korea state-owned utility Korea East-West Power Co. Ltd (EWP) issued a tender for max 3,220,000 Metric Tons of coal to be loade ...
Saturday, 15 December 18
COMING CHANGES IN MARINE FUEL SULFUR LIMITS WILL AFFECT GLOBAL OIL MARKETS - EIA
International regulations limiting sulfur in fuels for ocean-going vessels, set to take effect in January 2020, have implications for vessel operat ...
Friday, 14 December 18
KOSPO INVITED BIDS FOR 320,000 MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,300 kcal/kg NCV coal per ...
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- Deloitte Consulting - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Mercuria Energy - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
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