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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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Thursday, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- The University of Queensland
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Australian Coal Association
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Global Green Power PLC Corporation, Philippines
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
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