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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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
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- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Independent Power Producers Association of India
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- London Commodity Brokers - England
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Minerals Council of Australia
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Australian Coal Association
- VISA Power Limited - India
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
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