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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Australian Coal Association
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Jindal Steel & Power Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
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