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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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- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- The University of Queensland
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- MS Steel International - UAE
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Minerals Council of Australia
- Latin American Coal - Colombia
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
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