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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- The University of Queensland
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
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