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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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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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Showing 1066 to 1070 news of total 6871 |
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- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- PTC India Limited - India
- London Commodity Brokers - England
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- The University of Queensland
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- Karbindo Abesyapradhi - Indoneisa
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Australian Coal Association
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
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