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