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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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Australian Coal Association
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- The University of Queensland
- PTC India Limited - India
- Electricity Authority, New Zealand
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Planning Commission, India
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
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