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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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Tuesday, 12 May 20
A GLOBAL ECONOMIC RESTART HAS SLOWLY BEGUN AS COUNTRIES AROUND THE WORLD GRADUALLY - ALLIED
A global economic restart has slowly begun as countries around the world gradually set their return back to “normality”. Yet by all mea ...
Tuesday, 12 May 20
CAN INDONESIA'S COAL INDUSTRY SURVIVE COVID-19? : IEEFA
Pandemic Lockdown and Slumping Prices Put Extreme Pressure on Coal Miners
Executive Summary
While attention has been focused on th ...
Tuesday, 12 May 20
INDIA'S COAL PRODUCTION TO CLOCK RECORD 700 MILLION TONNES IN FY21: COAL SECRETARY - PTI
Coal Secretary Anil Jain said FY20 coal production was lower than the target of 660 million tonnes because of flooding of a key coal mine.
&nbs ...
Monday, 11 May 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Monday, 11 May 20
CORONAVIRUS PUTS MORE THAN A THIRD OF SEABORNE COAL SUPPLY AT RISK - WOOD MACKENZIE
The full impact of the coronavirus outbreak on the global economy is yet unclear. However, the demand destruction is already becoming evident, with ...
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- Borneo Indobara - Indonesia
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- PTC India Limited - India
- Gujarat Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- The University of Queensland
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Renaissance Capital - South Africa
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Videocon Industries ltd - India
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