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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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Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Finance - Indonesia
- Planning Commission, India
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- White Energy Company Limited
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
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