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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, 05 May 20
SUPRAMAXES: YTD SLIDE HAS BEEN 45%, WITH THE AVERAGE FOR 2020 TCA HOLDING AT US$5,793 - ALLIED
It has been almost three months since the WHO officially categorized the current coronavirus outbreak as a global pandemic, an outbreak that has br ...
Monday, 04 May 20
U.S. ESTIMATED COAL PRODUCTION FALL 39.4% YEAR ON YEAR IN THE WEEK ENDED APRIL 25 - EIA
Estimated U.S. coal production totaled about 8.6 million short tons (MMst) For the week ended April 25, 2020, says EIA in its latest report.
E ...
Saturday, 02 May 20
SUPRAMAX: ASIA, STRONGER NUMBERS - A 55.000-DWT WAS FIXED FROM INDONESIA TO CHINA IN THE MID $6,000S - BALTIC BRIEFING
Capesize
A tepid week for the big ships, as macro concerns continued to weigh heavily on the index. All of the major voyage routes lost value, ...
Friday, 01 May 20
KOSPO INVITED OFFER FOR 5600 NCV COAL FOR Q3 2020 LOADING
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 260,000 Metric Tons (MT) steam coal for Boryeong Power ...
Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY ABOUT 8% IN 2020,THE LARGEST DROP SINCE WORLD WAR II - IEA
We expect global coal demand to fall by about 8% in 2020, the largest drop since World War II, with coal use declining in virtually every sector of ...
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- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- VISA Power Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Oldendorff Carriers - Singapore
- Simpson Spence & Young - Indonesia
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