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