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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, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Medco Energi Mining Internasional
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Planning Commission, India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Central Electricity Authority - India
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