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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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Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
Friday, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
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- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Vedanta Resources Plc - India
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Coal Association
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Parliament of New Zealand
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
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