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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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Friday, 06 September 24
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- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
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