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