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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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Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- The University of Queensland
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
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