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Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
 On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recorded year-high levels that week with the daily average for Capesize reaching $38,014, for Panamax 76k $ 18,116 and for Supramax $15,233.
Healthy earnings like that was exactly what was needed as the 1st half of 2019 was really bad but the SnP market failed to see increased interest for inspections of available ships and activity was kept rather low compared to what someone would expect given the spot rates at the time.
Instead of accepting offers below their expectations, most Sellers were thinking that it would be better to keep the ship and fix on period instead. And it was a valid argument since fixing on period really made sense as rates back then could cover opex, bank repayments and still allow for a good profit. As appetite for second-hand tonnage was limited, it failed to ignite competition among prospective Buyers and restricted asset values from appreciating as a result.
So the reason why we didn’t see SnP prices going up was because Buyers were reluctant to become bullish for the long run. The fact that the market was coming from a very bad 1st half of 2019 together with the low levels (far below September’s highs) FFAs for q1 –q2 2020 were indicating, scared off many Buyers and consequently denied premiums on values.
Something that no-one could predict back then was what would the effect of IMO 2020 bunkers regulation would be. The regulation that was enforced on 1st of January drove at some point the price of the new fuel to double the old fuel price (350usd/tone Vs 700usd/ton). This was at a time when the market had already corrected from the highs of September 2019 down to the 976 points (2nd of January 2020) and with the Chinese holidays just around the corner, sentiment for the first quarter of the year was already soft as soon as January kicked off and without the coronavirus dramatic spread news having hit headlines yet at that point.
Capes were the ones affected the most, with the Baltic Capesize Index turning negative for the first time ever, pushing the BDI to the lowest point for 2020 on 10th of February (411 points).
The SnP market inevitably has been affected with relatively few sales reported for ships less than 10 years old. In the Kamsarmax sector, the M/V OLYMPIC GALAXY (81K 2009 Japan)-BWTS fitted) was sold last week for USD 13,5m to Greek buyers, which represents a discount from the USD 15,65m that the M/V KM TOKYO (83K 2010 Japan) fetched in November 2019. Furthermore the M/V MEDI HONG KONG (82K 2006 Japan) was sold to Qatari buyers for USD 9,25m, whereas in September 2019 the M/V YASA NESLIHAN (82K 2005 Japan) was sold for USD 11,5m.
Despite the discounts recorded, there are not so many candidates available for sale at levels showing that Owners are willing to face last dones, with many Sellers anticipating that the market will recover sooner rather than later. Indeed, we have been seeing a positive correction for Panamax/Kamsarmax rates lately, while it remains to be seen if and when the Capesize market, which still witnesses a negative BCI, will recover.
By Costas Hardalis
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, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- IHS Mccloskey Coal Group - USA
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Renaissance Capital - South Africa
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Central Java Power - Indonesia
- Aditya Birla Group - India
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
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