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