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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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Wednesday, 25 March 20
CORONAVIRUS CRISIS IS CRUSHING GLOBAL GDP GROWTH - FITCH RATINGS
The coronavirus crisis is crushing global GDP growth according to Fitch Ratings in its latest quarterly “Global Economic Outlook” (GEO) ...
Wednesday, 25 March 20
MARKET INSIGHT - INTERMODAL
There is no doubt that the Covid-19 pandemic crisis is a world-shattering event that will change the world as we know it. Societies are facing chal ...
Wednesday, 25 March 20
INDONESIA TO CANCEL RULES REQUIRING DOMESTIC SHIPS FOR COAL, PALM EXPORTS : REFINITIV
Indonesia's government will revoke rules requiring exporters of coal and palm oil to use domestic shipping companies for shipments, Coordinatin ...
Wednesday, 25 March 20
JAN-FEB 2020, INDONESIA SHIPPED 64.5 MLN TONNES OF COAL, UP +3.4% YOY - BANCHERO COSTA
In the 12 months of calendar 2019, Indonesia exported 386.4 mln tonnes of coal, according to vessel tracking data from Refinitiv. This represents a ...
Tuesday, 24 March 20
MARKET ANALYSIS - ALLIED
As countries around the world struggle to take back control of the ongoing COVID-19 pandemic the global economy shuts down bit by bit, leaving only ...
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- Salva Resources Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Edison Trading Spa - Italy
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Ind-Barath Power Infra Limited - India
- Altura Mining Limited, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- VISA Power Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Malabar Cements Ltd - India
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Energy Development Corp, Philippines
- The University of Queensland
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
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