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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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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- The University of Queensland
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Wilmar Investment Holdings
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
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