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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- The University of Queensland
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
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