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