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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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Thursday, 21 May 20
KOMIPO INVITED BIDS FOR TOTAL 610000 MT OF LCV AND HCV COAL FOR 2H 2020
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) has Issued an International Tender for 130,000 mt of 5700 NCV coal an ...
Wednesday, 20 May 20
ADARO ENERGY BOOKED A 5% INCREASE IN COAL PRODUCTION VOLUME Y-O-Y IN 1Q2020
PT. Adaro Energy Tbk, Indonesia’s one of the largest coal miner, booked a 5% increase in coal production volume year-over-year in 1Q2020. The ...
Wednesday, 20 May 20
BRAZIL SOYBEAN EXPORTS HAVE BEEN SURGING THIS YEAR - BANCHERO COSTA
Brazil soybean exports have been surging this year, thanks to a combination of strong demand from China, a bumper crop, and favourable exchange rat ...
Wednesday, 20 May 20
MARKET INSIGHT
Seafarers keep maritime trade going so that the food, raw materials, energy and manufactured goods on which so many depend can continue moving arou ...
Tuesday, 19 May 20
AMENDMENT OF THE INDONESIAN MINING LAW: TYING UP LOOSE ENDS - UMBRA
KNOWLEDGE TO ELEVATE
The finalized draft of Law on the amendment of the Mining Law (Bill) was publicly released on 11 May 2020 and was then ap ...
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- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kobexindo Tractors - Indoneisa
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
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