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