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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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Friday, 24 April 20
COAL INDIA TO PRODUCE 710 MT COAL - MINISTER OF COAL AND MINES
Coal India Limited (CIL) will produce 710 million tonnes (MT) of coal and company’s coal off take target will also remain at710 MT for this f ...
Friday, 24 April 20
CHINA COAL PRODUCER YANZHOU COAL POSTS 9.6 PCT RISE IN 2019 NET PROFIT - XINHUA
China’s major coal producer Yanzhou Coal Mining Co., Ltd. said Thursday that its net profit saw a 9.6 percent rise in 2019.
Th ...
Tuesday, 21 April 20
INDONESIA ACCOUNTS FOR 19% OF JAPAN'S TOTAL COAL IMPORTS - BANCHERO COSTA
Coal trade in Asia is proving remarkably resilient this year, despite the global economic impact from COVID-19.
We have seen China&r ...
Tuesday, 21 April 20
COVID-19: CHARTERPARTY MATTERS FOR SHIPOWNERS - SKULD
KNOWLEDGE TO ELEVATE
Whilst the plight of cruise ships, stranded off shore with sick passengers and crew, may be dominating media headlines, t ...
Monday, 20 April 20
SUPRAMAX: A 52,000DWT SHIP FIXING AN INDONESIA COAL RUN TO CHINA AT $4400 - BALTIC BRIEFING
Capesize
This week was the strongest period seen for the Capesize market in several months. All routes globally succumbed to improved sentiment ...
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- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Indonesian Coal Mining Association
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- London Commodity Brokers - England
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