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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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Wednesday, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- PTC India Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- The University of Queensland
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- White Energy Company Limited
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Planning Commission, India
- Vedanta Resources Plc - India
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
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