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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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Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Bukit Baiduri Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Planning Commission, India
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- White Energy Company Limited
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
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