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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, 31 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.43 PCT - XINHUA
China Taiyuan coal transaction price index stood at 132.17 points Monday, down 0.43 percent week on week.
The index, released by Chi ...
Tuesday, 31 March 20
COAL POWER REMAINS IN GLOBAL DECLINE, DESPITE CHINESE SURGE - SYDNEY MORNING HERALD
The impact of coronavirus has prompted a surge in coal-fired power plant construction permits in China, with the Chinese government issuing more pe ...
Monday, 30 March 20
CORONAVIRUS - IMPLICATIONS FOR SHIPS AND CREW - GARD
KNOWLEDGE TO ELEVATE
Countries around the world are strengthening their border control measures in order to prevent the further spread of COVI ...
Monday, 30 March 20
LAY-UP AND RE-ACTIVATION REVISITED - GARD
KNOWLEDGE TO ELEVATE
The COVID-19 pandemic has affected the maritime industry in previously unthinkable ways. Ports around the world are denyi ...
Monday, 30 March 20
PANAMAX: INDONESIA LACKED VOLUME, PARTLY DUE TO FORCE MAJEURE IN INDIAN PORTS - BALTIC BRIEFING
Capesize
As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working. Most regions o ...
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- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Latin American Coal - Colombia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- Economic Council, Georgia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Port Waratah Coal Services - Australia
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Parry Sugars Refinery, India
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