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