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