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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, 07 April 20
IS CHINA EMBARKING ON A MAJOR EXPANSION OF COAL-FIRED POWER GENERATION? - WOOD MACKENZIE
As energy companies worldwide grapple with the economic impact of the coronavirus pandemic, long-term planning continues. Ahead of the release of t ...
Tuesday, 07 April 20
COAL INDIA'S DISPATCHES DROP, OUTPUT INCREASES - THE HINDU
India’s largest coal producer Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the po ...
Tuesday, 07 April 20
CORONAVIRUS AND LOCKDOWNS DRAG DOWN THE INDONESIAN COAL PRICE REFERENCE IN APRIL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of the Indonesian ther ...
Monday, 06 April 20
A 52,000DWT SHIP FIXING DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY TAIWAN, AT $3,100 - BALTIC BRIEFING
Capesize
The Capesize market this past week looks to have come off life support and found some improved sentiment. The week began rather ordina ...
Monday, 06 April 20
INDIA'S 21-DAY LOCKDOWN - IMPACT ON COMMODITIES? - WOOD MACKENZIE
India is under a three-week lockdown from 25 March, to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this me ...
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- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- The University of Queensland
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Independent Power Producers Association of India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
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