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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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Wednesday, 06 May 20
KOSPO INVITED COAL BIDS FOR LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 160,000 Metric Tons (MT) Low Calorific Value Coal for J ...
Wednesday, 06 May 20
COST CHALLENGES IN A US$20/BBL WORLD - WOOD MACKENZIE
A new approach is needed to ensure supply sector resilience
How will US$20/bbl affect the oil and gas supply chain?
It’s going to g ...
Wednesday, 06 May 20
MARKET INSIGHT - INTERMODAL
It comes as no surprise that activity in the dry bulk SnP market remains soft, with asset values caught in the downward spiral generated by the Cov ...
Wednesday, 06 May 20
FLOATING STORAGE OF OIL CARGOES - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Due to a combination of circumstances there is now a worldwide shortage of storage space ashore for both unrefi ...
Wednesday, 06 May 20
IRON ORE TRADE REMAINS REMARKABLY RESILIENT THIS YEAR, AT LEAST IN ASIA - BANCHERO COSTA
Iron ore trade remains remarkably resilient this year, at least in Asia, despite the global economic impact from COVID-19. In the first 4 months of ...
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- Madhucon Powers Ltd - India
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Minerals Council of Australia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
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