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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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- MS Steel International - UAE
- Marubeni Corporation - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- London Commodity Brokers - England
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Bulk Trading Sa - Switzerland
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Australian Coal Association
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- The University of Queensland
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
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