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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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Monday, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Minerals Council of Australia
- Indonesian Coal Mining Association
- PTC India Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Bangladesh Power Developement Board
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- The University of Queensland
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- Baramulti Group, Indonesia
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