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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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Showing 1096 to 1100 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- White Energy Company Limited
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Australian Coal Association
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mercator Lines Limited - India
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Interocean Group of Companies - India
- Medco Energi Mining Internasional
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
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