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