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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, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
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- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Central Java Power - Indonesia
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Planning Commission, India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- New Zealand Coal & Carbon
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
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