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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, 21 November 18
SHIPPING MARKET INSIGHT - DIMITRIS KOURTESIS
Halfway through the fourth and last quarter of the year, we spot a significant change in freight rates for tankers trading dirty, as well as on the ...
Tuesday, 20 November 18
FREIGHT RATES IN THE CRUDE OIL MARKET HAVE ALREADY PICKED UP OVER THE PAST COUPLE OF WEEKS - YIANNIS VAMVAKAS
Current geopolitical developments between Iran and the US, which have led the latter to re-impose its sanctions, have significantly affected oil pr ...
Tuesday, 20 November 18
GOLDEN ENERGY AND RESOURCES LEADS A$249M BID FOR AUSTRALIA-LISTED STANMORE COAL - THE STRAITS TIMES
Singapore-listed Golden Energy and Resources (GEAR) is leading deals worth up to A$249 million (S$250 million) to acquire Australia-listed Stanmore ...
Monday, 19 November 18
INDONESIA'S LEADING EIGHT COAL MINER'S COAL MINING CONTRACTS ARE EXPECTED TO EXPIRE BETWEEN YEAR 2019 - 2025
The Ministry of Energy and Mineral Resources (ESDM) said, eight Coal Contract of Works (CCoW) will expected to expire between 2019 to 2026, Liputan ...
Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
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- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- The University of Queensland
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- PTC India Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Marubeni Corporation - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
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