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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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Friday, 14 December 18
KOSPO INVITES BIDS FOR 1,177,000 METRIC TONS OF COAL FOR Q1' 19 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 701,000 MT of min 5,600 kcal/kg NCV coal and ...
Friday, 14 December 18
COAL IMPORT TO BE CHECKED BY RISING DOMESTIC PRODUCTION - FINANCIAL EXPRESS
The government’s effort to increase domestic coal production and power demand falling with the onset of the winters will check coal imports, ...
Thursday, 13 December 18
STRAITS AFFECTED BY TERRITORIAL DISPUTE BETWEEN SINGAPORE AND MALAYSIA - THE STANDARD CLUB
A recent territorial dispute has occurred between Singapore and Malaysia involving the Straits of Johor.
The Malaysian Attorney Gene ...
Wednesday, 12 December 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
China’s monthly iron ore imports dropped for the first time this year joined by declines in copper and soybeans as economic growth slows in t ...
Tuesday, 11 December 18
SHIPPING MARKET ANALYSIS - ALLIED
A lot of discussions have been made as to the effects of the IMO 2020 regulation on OPEX levels, investment feasibility of& ...
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- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- PowerSource Philippines DevCo
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Marubeni Corporation - India
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Essar Steel Hazira Ltd - India
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