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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, 30 November 18
GOVT MULLS REQUIRING MINERS TO TURN COAL INTO GAS - THE JAKARTA POST
The government is considering requiring all coal miners to turn the raw commodity into dimethylether (DME) as a substitute for liquefied petroleum ...
Friday, 30 November 18
SUPRAMAX: N. CHINA TO INDIA OR SE ASIA SUPRAS ARE GETTING PAID AROUND US$ 6000 - FEARNLEYS
Capesize
Sharp rise in spot activity and income, admittedly from very low levels, for the big ships. West Australia/China and Brazil/Far East b ...
Thursday, 29 November 18
NEW IMSBC CODE REQUIREMENTS AIM TO CONTROL LIQUEFACTION OF COAL CARGOES - GARD
KNOWLEDGE TO ELEVATE
The International Maritime Solid Bulk Cargoes (IMSBC) Code describes coal as a natural, solid, combustible material consi ...
Wednesday, 28 November 18
SHIPPING MARKET INSIGHT - GEORGE LAIOS
Last week I had the privilege to attend the SingularityU Greece Summit, in Athens. It was a privilege because you do not often have the chance to s ...
Tuesday, 27 November 18
PANAMAX AND SUPRAMAX INDICES WITNESSED A DECLINE OF JUST BELOW 14% IN THEIR MEAN ON A MONTH-ON-MONTH COMPARISON - ALLIED SHIPPING
A month of sharp corrections and great asymmetries for the dry bulk sector, with the overall overview of the market shipping rapidly from a state o ...
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- Posco Energy - South Korea
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement PLC, Thailand
- LBH Netherlands Bv - Netherlands
- Therma Luzon, Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- PTC India Limited - India
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Latin American Coal - Colombia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- VISA Power Limited - India
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