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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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Wednesday, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
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- The State Trading Corporation of India Ltd
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- ASAPP Information Group - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Power Finance Corporation Ltd., India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
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