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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, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
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- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
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