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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, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Planning Commission, India
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Edison Trading Spa - Italy
- GMR Energy Limited - India
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Grasim Industreis Ltd - India
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Aditya Birla Group - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ambuja Cements Ltd - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
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