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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
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