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