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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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- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- White Energy Company Limited
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Australian Coal Association
- CNBM International Corporation - China
- Australian Commodity Traders Exchange
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Singapore Mercantile Exchange
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
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