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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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Showing 41 to 45 news of total 6871 |
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- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- CNBM International Corporation - China
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