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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, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
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- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Australian Coal Association
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
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