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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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Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
Wednesday, 26 February 20
SHIPPING MARKET INSIGHT - INTERMODAL
Coming from one of its busiest periods historically, with a list of scrubber and BWMS retrofits on a waiting list, the ship repair sector is witnes ...
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Showing 1101 to 1105 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- The University of Queensland
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Bhatia International Limited - India
- Latin American Coal - Colombia
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
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