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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Wood Mackenzie - Singapore
- Central Java Power - Indonesia
- The University of Queensland
- White Energy Company Limited
- Tamil Nadu electricity Board
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Parliament of New Zealand
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Indian Energy Exchange, India
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
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