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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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- Price Waterhouse Coopers - Russia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Planning Commission, India
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Australian Coal Association
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Latin American Coal - Colombia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
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