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