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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- White Energy Company Limited
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- PTC India Limited - India
- Mercuria Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
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