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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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Saturday, 09 May 20
ANGLO AMERICAN CONSIDERS SPINNING OFF SOUTH AFRICAN COAL OPERATIONS - REUTERS
Diversified miner Anglo American said on Thursday it prefers unbundling and listing its thermal coal operations in South Africa on the Johannesburg ...
Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
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- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- Baramulti Group, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Bhatia International Limited - India
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