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Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as the BDI surpassed the 2,500 points level at the beginning of September, everyone in the market got excited about what was coming next, with the upcoming low sulphur regulations and the decrease in ordering activity both adding to the positive momentum.
Yet, the downward correction that followed this exciting period came as a reminder of how volatile and unpredictable the dry bulk market and the shipping industry in general is.
Indeed, it’s been a while since we last enjoyed a positive market for a period longer than a year, while market patterns of the past seem to be lost, with breaking war news that previously affected rates now hardly affecting the market and earnings becoming more vulnerable to reports in regards to political and economic changes.
The constant flow of important news nowadays is also affecting the traditional and alternative sources of financing available to shipowners, with the later unable to move fast in purchasing a vessel during times that asset prices are moving down, which also explains the softer activity in the second hand market and the overall anaemic activity on the newbuilding front.
Shipowners are taking their strategic decisions very carefully and the majority of them focuses on vessels that are around 10 years old, while in a few cases they finance themselves with 100% cash these investments. Indicatively, during the first quarter of 2019 we had 42 Supramaxes/Ultramaxes sales, 24 Panamaxes/Kamsarmaxes sales and 18 Post-Panamax up to Newcastlemax vessels sold; all with built dates ranging from 2004 to 2014.
During the last quarter of the year so far the same age range has seen 15 Supramax/Ultramax vessels exchanging hands, 7 Panamaxes/Kamsarmaxes sold and only 3 Post-Panamax up to Newcastlemax sold. The expected drop in second-hand market activity due to the declining freight rates is also causing a substantial drop when it comes to interest for bigger vessels that are prices more expensively compared to their smaller counterparts.
Based on the mood of the few active buyers at the moment and unless something changes dramatically, SnP activity will continue to be soft until the end of the year. Prospective buyers have a long list of available candidates to choose from; therefore this is undoubtedly a ‘buyer’s market’. All in all, market conditions help the ones who decide to renew their fleet and have the means to do so in order to position themselves better next year.
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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Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
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