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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
...
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- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bharathi Cement Corporation - India
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Parliament of New Zealand
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- The University of Queensland
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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