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Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
 The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as the BDI surpassed the 2,500 points level at the beginning of September, everyone in the market got excited about what was coming next, with the upcoming low sulphur regulations and the decrease in ordering activity both adding to the positive momentum.
Yet, the downward correction that followed this exciting period came as a reminder of how volatile and unpredictable the dry bulk market and the shipping industry in general is.
Indeed, it’s been a while since we last enjoyed a positive market for a period longer than a year, while market patterns of the past seem to be lost, with breaking war news that previously affected rates now hardly affecting the market and earnings becoming more vulnerable to reports in regards to political and economic changes.
The constant flow of important news nowadays is also affecting the traditional and alternative sources of financing available to shipowners, with the later unable to move fast in purchasing a vessel during times that asset prices are moving down, which also explains the softer activity in the second hand market and the overall anaemic activity on the newbuilding front.
Shipowners are taking their strategic decisions very carefully and the majority of them focuses on vessels that are around 10 years old, while in a few cases they finance themselves with 100% cash these investments. Indicatively, during the first quarter of 2019 we had 42 Supramaxes/Ultramaxes sales, 24 Panamaxes/Kamsarmaxes sales and 18 Post-Panamax up to Newcastlemax vessels sold; all with built dates ranging from 2004 to 2014.
During the last quarter of the year so far the same age range has seen 15 Supramax/Ultramax vessels exchanging hands, 7 Panamaxes/Kamsarmaxes sold and only 3 Post-Panamax up to Newcastlemax sold. The expected drop in second-hand market activity due to the declining freight rates is also causing a substantial drop when it comes to interest for bigger vessels that are prices more expensively compared to their smaller counterparts.
Based on the mood of the few active buyers at the moment and unless something changes dramatically, SnP activity will continue to be soft until the end of the year. Prospective buyers have a long list of available candidates to choose from; therefore this is undoubtedly a ‘buyer’s market’. All in all, market conditions help the ones who decide to renew their fleet and have the means to do so in order to position themselves better next year.
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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Friday, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Grasim Industreis Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Economic Council, Georgia
- Eastern Coal Council - USA
- Anglo American - United Kingdom
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