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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Planning Commission, India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Australian Coal Association
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Marubeni Corporation - India
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
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