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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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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining c ...
Wednesday, 04 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
Dry bulk freight rates rebounded last week, a development that came as a relief following the recent negative sentiment that prevailed in the marke ...
Wednesday, 04 December 19
INDONESIA REVIEWING RULES MANDATING COAL SALES TO LOCAL BUYERS: OFFICIAL - REUTERS
Indonesia is reviewing rules that require coal miners to sell a portion of their coal to local buyers, a government official said on Monday, as sup ...
Tuesday, 03 December 19
STABILITY AND COMPATIBILITY OF VERY LOW SULPHUR FUEL OILS - GARD
In order to meet increasing restrictions on the sulphur content in marine fuel as defined by MARPOL Annex VI Regulation 14.1.3, the characteristics ...
Monday, 02 December 19
COAL PRODUCTION IN INDIA UP BY 164.58 MT IN 5 YEARS - BUSINESS LINE
Raw coal production in the country has increased from 567.77 million tons (MT) in 2013-14 to 730.35 MT in 2018-19, Union Coal and Parliamentary Aff ...
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- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- India Bulls Power Limited - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Planning Commission, India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Mercuria Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Thiess Contractors Indonesia
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