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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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Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
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Showing 21 to 25 news of total 6846 |
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- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Orica Australia Pty. Ltd.
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
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