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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Posco Energy - South Korea
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Minerals Council of Australia
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Australian Coal Association
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- White Energy Company Limited
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- McConnell Dowell - Australia
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