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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, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
Friday, 12 April 19
U.S : MORE THAN 7 GW OF COAL-FIRED GENERATION IS SCHEDULED TO RETIRE BY THE END OF 2020 - EIA
EIA estimates that U.S. coal production decreased by 19 million short tons (MMst) (2%) in 2018, totaling 756 MMst.
EIA also expects ...
Friday, 12 April 19
GLENCORE WINS $520 MILLION DEAL TO SELL COAL TO MEXICO - REUTERS
Global trader Glencore has won contracts worth around $520 million to supply 4.94 million tonnes of coal to Mexico, state-run power utility the Fed ...
Thursday, 11 April 19
AUSTRALIAN COAL IN THE FRONTLINE OF CHINA'S SUPPLY GLUT - AUSTRALIAN FINANCIAL REVIEW
Australian coal will be hardest hit as China cuts foreign imports of its key energy source to tackle oversupply, and implements policies favouring ...
Wednesday, 10 April 19
COALTRANS ASIA - TAKE PART IN THE LARGEST COAL EVENT IN THE WORLD!
Take part in the largest coal event in the world!
Coaltrans Asia is back this June bringing together the entire international coal s ...
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- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Jaiprakash Power Ventures ltd
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- The University of Queensland
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
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