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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- IEA Clean Coal Centre - UK
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- Minerals Council of Australia
- Parliament of New Zealand
- Eastern Energy - Thailand
- The University of Queensland
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Ceylon Electricity Board - Sri Lanka
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
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