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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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
...
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- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Mercator Lines Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Oil Corporation Limited
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
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