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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitari ...
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- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Central Electricity Authority - India
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- MS Steel International - UAE
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Jindal Steel & Power Ltd - India
- Wood Mackenzie - Singapore
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- White Energy Company Limited
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
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