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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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Monday, 18 May 20
TAKING ADVANTAGE OF VIRUS DISTRACTION - BALTIC EXCHANGE
As the industry grapples to deal with exceptional Covid-19-related challenges, a deeper threat is coming to the fore. At this time of crisis, more ...
Monday, 18 May 20
THERMAL COAL SPOT PRICE TUMBLES 25 PER CENT, PUTTING PRESSURE ON SOME PRODUCERS - ABC RURAL
The spot price for thermal coal has fallen 25 per cent per cent in the past month with one leading analyst saying it is because of a reduction in d ...
Monday, 18 May 20
CHINA'S COAL OUTPUT UP 1.3 PCT IN JANUARY-APRIL: XINHUA
Output of raw coal in China rose 1.3 percent year on year to 1.15 billion tonnes in the first four months this year, official data showed.
&nbs ...
Sunday, 17 May 20
A 55,000 OPEN ILIGAN FIXING AT $6,500 VIA INDONESIA REDELIVERY INDIA - BALTIC BRIEFING
Capesize
A precipitous fall in the market this week had the Capesize 5TC shedding over 50 per cent in value. A small rebound at the end of the ...
Friday, 15 May 20
CHINA'S COAL CONSUMPTION TO FALL Y/Y IN SECOND QUARTER, IMPROVEMENT EXPECTED IN SECOND HALF - INDUSTRY BODY: REUTERS
China’s coal consumption is expected to decline in the second quarter from a year earlier, but will see an improvement in the second half of ...
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- Romanian Commodities Exchange
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Australian Coal Association
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Bhatia International Limited - India
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