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