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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- GN Power Mariveles Coal Plant, Philippines
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- White Energy Company Limited
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
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