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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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Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Medco Energi Mining Internasional
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- The Treasury - Australian Government
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
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