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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Lanco Infratech Ltd - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Vedanta Resources Plc - India
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- Kideco Jaya Agung - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Economic Council, Georgia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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