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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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Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- The University of Queensland
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Planning Commission, India
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- VISA Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
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