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