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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, 22 March 24
INDONESIA APPROVES 922.14 MLN T COAL PRODUCTION QUOTA FOR 2024, ABOVE TARGET - REUTERS
Indonesia has approved coal production quotas totalling 922.14 million metric tons for 2024, Bambang Suswantono, a senior official at the mining mi ...
Friday, 22 March 24
CHINA COAL INDUSTRY GROUP EXPECTS OUTPUT GROWTH TO SLOW IN 2024 - REUTERS
China’s coal output is expected to increase 36 million metric tons, or 0.8%, to about 4.7 billion tonnes in 2024, a Chinese coal industry gro ...
Monday, 18 March 24
THREE KEY TAKEAWAYS FROM OUR EUROPE GAS MARKETS SHORT-TERM OUTLOOK Q1 2024 - WOOD MACKENZIE
European gas prices are currently back to pre-crisis levels, but with a complex series of factors affecting future supply and demand, are they set ...
Wednesday, 06 March 24
INDONESIA AIMS TO FINISH MINING OUTPUT QUOTAS APPROVAL BY END-MARCH, OFFICIAL SAYS - REUTERS
Indonesia’s has approved the mining production quotarequests from more than 120mineral companies and aims to complete the approval process th ...
Monday, 04 March 24
IS YOUR GUARANTEE A GUARANTEE? NOTE TO SHIPOWNERS - GARD
KNOWLEDGE TO ELEVATE
The law of guarantees is not always obvious or easy to understand without proper guidance. This article clarifies the dif ...
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Showing 26 to 30 news of total 6871 |
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- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Tamil Nadu electricity Board
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
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