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