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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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Sunday, 26 April 20
STRONGER BUNKER PRICES FAIL TO RALLY FREIGHT MARKET - FIS
VLSFO bunker prices rebounded by $22.50 to $229/mt in the port of Singapore but failed to turn around the spot freight market.
Some ...
Saturday, 25 April 20
KOREA SOUTH-EAST POWER CO. INVITED BIDS FOR 780K - 900K MT OF 5600 NCV COAL FOR JULY TO OCTOBER 2020 LOADING
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 780,000~900,000 Metric Tons (MT) s ...
Saturday, 25 April 20
SEAFARER MENTAL WELLBEING DURING THE COVID-19 PANDEMIC - STANDARD CLUB
KNOWLEDGE TO ELEVATE
COVID-19 has forced many parts of the world to enforce a lockdown in a bid to flatten the curve in terms of transmissions ...
Friday, 24 April 20
KOMIPO INVITED BIDS FOR 5700 NAR COAL FOR JUNE & JULY LOADING
COALspot.com: South Korea’s Korea Midland Power Co. Ltd. (KOMIPO) Has Issued An International Tender For 260,000 Metric Tons (MT) Steam Coal ...
Friday, 24 April 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- The University of Queensland
- Sakthi Sugars Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Minerals Council of Australia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- MS Steel International - UAE
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
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