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