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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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Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- The University of Queensland
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Planning Commission, India
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- ASAPP Information Group - India
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
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