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Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
 In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning signs prevalent in the last quarter 2018, were not enough to convince the market of the severity of the market’s course Baltic Dry Index showing resistance to falling below 1,000 points at the end of November but also with the small correction of the index (above 1,400 points) before Christmas holidays playing a misleading role.
The New Year started with the index being at around 1,280 points and in about 40 days the BDI decreased by around 50%, with the BDI closing at a remarkable 595 points on the 11th of February. Although the drop was expected due to the Chinese New Year the magnitude of the decline in rates and indexes was an unpleasant surprise.
The BDI index reached its lowest point of the last 46 months, without having the dynamic for an immediate correction to the index similar to November 2018 levels. Four months were needed in order for the BDI to reach the levels of January. During the last 10 days, the BDI rallied to healthier levels, with the most notable day last Friday when the BDI closed at 1,740 points. It is important to state that this figure is the highest of the year and only the third time the index has surpassed the 1,700 point mark in the past five years. The other two were on December 2017, which closed at 1,702 points and on August 2018, which closed at 1,773 points.
The SnP market was rather busy during the past six months. During the first half of the year, there were around 1,000 vessels officially and unofficially for sale, from Handysizes up to Newcastlemaxes – with ¼ of them successfully being sold (in 2017 we had 320 SnP transactions the same period). Many ship owners found the chance to flip older vessels with modern ones, and others bore the risk of the negative market and increased their existing fleet with cheaper vessels.
In the Handysize sector buyers showed and continue to show more interest in vessels around 10 years old and larger than 33.000dwt. Most vessels from quality yards were being sold very quickly. Bigger asset price elasticity was shown in Handysizes smaller than 32,000 dwt as demand for such vessels was lower, with a notable case being the 28,000 dwt vessels, of which some were sold at an attractive discount and others were not able to be sold.
In the Supramax & Ultramax sector, buyers’ orientation was for Supramaxes vessels around 5 to 15 years old and above 55,000 dwt. The total SnP transactions for Supramaxes reached around 68 vessels, while around 26 sales recorded for Ultramax vessels.
SnP activity was most pronounced on Panamaxes, especially for vessels built from 2000 up to 2010, with 40 reported sales. From the total 64 sales in the segment, 16 were for vessels younger of 8 years and 8 for vessels older than 20 years. On capes, shipowners are used to volatility on freight rates and showed resistance to selling. Totally 8 capes have been sold so far with the age of the vessels being around 14 to 17 years old.
By Konstantinos Kontomichis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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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Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
Sunday, 28 April 19
SUPRAMAX: A 54,000DWT VESSEL OPEN GRESIK FIXED VIA AUSTRALIA, REDELIVERY CHINA, IN THE MID $12,000S - BALTIC BRIEFING
Capesize
Following the holidays, activity increased in both the Pacific and Atlantic Basins. The 5TC average rallied, closing at $8,596, up $1, ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
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