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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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Saturday, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 March 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Lanco Infratech Ltd - India
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Indogreen Group - Indonesia
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- PTC India Limited - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Economic Council, Georgia
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
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