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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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Showing 1061 to 1065 news of total 6871 |
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- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- Australian Coal Association
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Goldman Sachs - Singapore
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- PTC India Limited - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Energy Link Ltd, New Zealand
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Aditya Birla Group - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
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