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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, 19 February 24
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- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Planning Commission, India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- The University of Queensland
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
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