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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, 02 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Planning Commission, India
- London Commodity Brokers - England
- Mintek Dendrill Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Australian Coal Association
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
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