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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, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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Showing 1066 to 1070 news of total 6871 |
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- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Antam Resourcindo - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Coalindo Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- The University of Queensland
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
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