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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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Friday, 05 January 24
BANGLADESH’S 2023 COAL-FIRED POWER OUTPUT TRIPLED, EASING SHORTAGES - REUTERS
Bangladesh nearly tripled its coal-fired power output in 2023, a Reuters analysis of government data showed, helping it tide over the worst power s ...
Tuesday, 02 January 24
COAL TRADE CONTINUES TO HEAD EAST - BALTIC EXCHANGE
The global coal trade, once concentrated in the Pacific and Atlantic basins, is undergoing a significant transformation, as highlighted in the Inte ...
Tuesday, 02 January 24
COAL CARGOES: AVOIDING EXPLOSION AND SELF-HEATING - GARD
KNOWLEDGE TO ELEVATE
Despite its contribution to greenhouse gas emissions, global coal consumption climbed to an all-time high in 2022 and is ...
Tuesday, 02 January 24
SINOPEC FORECASTS CHINA’S COAL CONSUMPTION TO PEAK AROUND 2025 - REUTERS
China Petrochemical Corp, or Sinopec, expects coal consumption to peak around 2025 at 4.37 billion metric tons, the state energy group said in an o ...
Thursday, 07 December 23
CHINA TO SET UP COAL PRODUCTION RESERVE TO STABILISE PRICES - REUTERS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
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- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Singapore Mercantile Exchange
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Australian Coal Association
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
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