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Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
 As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitarian concern and unavoidably a concern about the course of the world economic growth. Our European neighbor, Italy, has been taking extremely strict measures in order to deal with the epidemic that went out of control quickly in the country and has already shaped the daily life there with cinematic scenes taking place as people tried to stock both on food and medical supplies in fear of a future shortage of such products.
Financial markets around the world have been also getting a lot of pressure, while the impact on the shipping industry has been substantial so far as well, a development expected given the many ways shipping is interlinked with China and therefore affected by what goes around there.
Despite the extended problems in China we have been recently noticing slightly increased activity in shipyards. Indeed, contrary to the previous weeks during which most local yards were closed and many ships could not complete their dry-dockings, slowly but steadily operations have been resuming despite the reduced personnel. Another sign of the gradual return to normality is the improved SnP activity as far as Chinese owners are concerned. After muted buying appetite due to the Chinese New Year and the outbreak of the virus, it seems that even while many of them are still restricted at their homes, Chinese owners have started getting their hands on dry bulk candidates again.
What is fairly interesting even at this stage is the extent to which the shipping industry as well as global markets in general will recover once the epidemic is contained. We have seen in the past that after the spread of a virus, a strong rebound follows, which was also the case following the containment of the SARS and Zika viruses. Many believe that after the relaxation of the strict measures that coincided with the end of the Chinese New Year, we will see a fast rebound of the market. This would also explain why among others, Greek and Chinese owners are particularly active nowadays. Indeed, during February, which was an extremely bad month for the shipping market due to the above mentioned reasons, we saw more than 45 vessels (Handysize up to Capesize) changing hands.
Another notable point that is related to the activity in the second-hand dry bulk market of the past couple of months is that asset values during this environment of exceptionally - in some cases – low freight rates have not declined as much as someone would expect and compared to previous times that the market had gone through similar shocks. This is not to say that we haven’t seen discounts compared to the end of last year but there was certainly no collapse. Surprisingly enough it was Handysize values that seemed to have received the biggest discounts despite the fact that rates for the size showed the most resistance during these very bad months and that during previous market downturns this was the size that saw less pressure in terms of asset prices.
By George Iliopoulos
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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Friday, 29 May 20
KOMIPO ON BEHALF FIVE KOREAN GENCOS INVITED COAL BIDS FOR 5,700 & 4999 NCV COAL FOR AUGUST 2020 LOADING
COALspot.com: South Korea’s Korea Midland Power Co.,Ltd (KOMIPO) on behalf five (5) Korean Gencos has Issued an International Tender for tota ...
Friday, 29 May 20
DRY BULK SHIPPING: NO QUICK RECOVERY FOR THE DRY BULK MARKET AS COVID-19 DIGS DEEPER
The outlook is poor for dry bulk, as the negative demand shock and overcapacity come together to send rates to multi-year lows, even a return to wo ...
Thursday, 28 May 20
COVID-19: A FORCE MAJEURE EVENT? - KYPRIANOU
KNOWLEDGE TO ELEVATE
While seeing the unexpected COVID-19 outbreak expanding worldwide and the first cases being identified in Cyprus, the com ...
Thursday, 28 May 20
OIL DEMAND RECOVERED BY 20% IN MAY AGAINST APRIL: RUSSIAN ENERGY MINISTER - TASS
Oil demand remains at a low level but the demand in May increased by 20% against April, Russian Energy Minister Alexander Novak said, cited by the ...
Thursday, 28 May 20
MARKET INSIGHT - INTERMODAL
Earlier in May, China’s top leaders convened for the annual National People's Congress, following over two months of delays due to the co ...
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- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Xindia Steels Limited - India
- Meenaskhi Energy Private Limited - India
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Planning Commission, India
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- ICICI Bank Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Economic Council, Georgia
- PTC India Limited - India
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Malabar Cements Ltd - India
- The University of Queensland
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
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