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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, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Marubeni Corporation - India
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Banpu Public Company Limited - Thailand
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Planning Commission, India
- Coalindo Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Uttam Galva Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Australian Coal Association
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
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