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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, 05 December 18
WORLD COAL PRICES FALL, WITH INDONESIA BENCHMARK FOR DECEMBER, ENDING AT LOWEST SINCE JUNE 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 05 December 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
Is the rise in crude carrier rates driven only by seasonality, or is the recent positive reversal signaling the end of challenging days for the mar ...
Monday, 03 December 18
WCA'S ENGAGEMENT AT COP24 IN KATOWICE - WCA
The 24th Conference of the Parties (COP) to the UN Framework Convention on Climate Change (UNFCCC) will take place from the 2-14 December 2018 in K ...
Monday, 03 December 18
SUPRAMAX: FIXED DELIVERY KALIMANTAN TO WEST COAST INDIA, AT $11000 - THE BALTIC BRIEFING
Capesize
A roller-coaster week for the big ships with hopes soaring at the start for a mini last quarter revival, only to be dashed as the week ...
Sunday, 02 December 18
TRADE WAR LEADING TO HEADWINDS FOR THE FRAGILE DRY BULK RECOVERY - PETER SAND, BIMCO
The first twelve weeks of the 2018/19 marketing year, which started on 1 September 2018, have painted a dire picture for US soya bean exports which ...
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- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Toyota Tsusho Corporation, Japan
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
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