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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, 23 February 24
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Monday, 19 February 24
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- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
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