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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 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, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Economic Council, Georgia
- White Energy Company Limited
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- Indonesian Coal Mining Association
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- Power Finance Corporation Ltd., India
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
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