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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Central Java Power - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement - Thailand
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Thai Mozambique Logistica
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- European Bulk Services B.V. - Netherlands
- Tamil Nadu electricity Board
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