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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Jaiprakash Power Ventures ltd
- Barasentosa Lestari - Indonesia
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Star Paper Mills Limited - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Economic Council, Georgia
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- The University of Queensland
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
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