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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Australian Coal Association
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- CNBM International Corporation - China
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Posco Energy - South Korea
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