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Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
 In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning signs prevalent in the last quarter 2018, were not enough to convince the market of the severity of the market’s course Baltic Dry Index showing resistance to falling below 1,000 points at the end of November but also with the small correction of the index (above 1,400 points) before Christmas holidays playing a misleading role.
The New Year started with the index being at around 1,280 points and in about 40 days the BDI decreased by around 50%, with the BDI closing at a remarkable 595 points on the 11th of February. Although the drop was expected due to the Chinese New Year the magnitude of the decline in rates and indexes was an unpleasant surprise.
The BDI index reached its lowest point of the last 46 months, without having the dynamic for an immediate correction to the index similar to November 2018 levels. Four months were needed in order for the BDI to reach the levels of January. During the last 10 days, the BDI rallied to healthier levels, with the most notable day last Friday when the BDI closed at 1,740 points. It is important to state that this figure is the highest of the year and only the third time the index has surpassed the 1,700 point mark in the past five years. The other two were on December 2017, which closed at 1,702 points and on August 2018, which closed at 1,773 points.
The SnP market was rather busy during the past six months. During the first half of the year, there were around 1,000 vessels officially and unofficially for sale, from Handysizes up to Newcastlemaxes – with ¼ of them successfully being sold (in 2017 we had 320 SnP transactions the same period). Many ship owners found the chance to flip older vessels with modern ones, and others bore the risk of the negative market and increased their existing fleet with cheaper vessels.
In the Handysize sector buyers showed and continue to show more interest in vessels around 10 years old and larger than 33.000dwt. Most vessels from quality yards were being sold very quickly. Bigger asset price elasticity was shown in Handysizes smaller than 32,000 dwt as demand for such vessels was lower, with a notable case being the 28,000 dwt vessels, of which some were sold at an attractive discount and others were not able to be sold.
In the Supramax & Ultramax sector, buyers’ orientation was for Supramaxes vessels around 5 to 15 years old and above 55,000 dwt. The total SnP transactions for Supramaxes reached around 68 vessels, while around 26 sales recorded for Ultramax vessels.
SnP activity was most pronounced on Panamaxes, especially for vessels built from 2000 up to 2010, with 40 reported sales. From the total 64 sales in the segment, 16 were for vessels younger of 8 years and 8 for vessels older than 20 years. On capes, shipowners are used to volatility on freight rates and showed resistance to selling. Totally 8 capes have been sold so far with the age of the vessels being around 14 to 17 years old.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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 April 19
PANAMAX: IN THE EAST, THE MARKET MOVED SIDE-WAYS, WITH FEWER COAL CARGOES FROM INDONESIA PUTTING PRESSURE ON RATES - INTERMODAL
Sentiment in the Dry Bulk market slowly but steadily kept improving last week as Capesize rates remained in recovery mode and Panamax earnings also ...
Wednesday, 24 April 19
SHIPPING MARKET INSIGHT - IS THIS A BANKERS' MARKET? - INTERMODAL
Over the last 10 years, many of the traditional and top lending banks have made the decision to either downsize their portfolios or even exit shipp ...
Monday, 22 April 19
COAL INDIA TO ASK POWER PLANTS TO CUT COAL IMPORTS - DNA
Co to encourage import substitution with domestic supplies at power plants
Surge in coal imports has now forced Coal India Ltd (CIL) ...
Thursday, 18 April 19
BIMCO SEES HARD TIMES AHEAD FOR CAPESIZES
China’s increased use of scrap metal for its production of crude steel is fundamentally critical to the dry bulk shipping industry. Mostly Ca ...
Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
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- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- MS Steel International - UAE
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Ministry of Transport, Egypt
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- White Energy Company Limited
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Australian Coal Association
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- The University of Queensland
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
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