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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, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
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- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Eastern Energy - Thailand
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- MS Steel International - UAE
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Manunggal Multi Energi - Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- ASAPP Information Group - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
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