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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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Wednesday, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
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- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Power Finance Corporation Ltd., India
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Thai Mozambique Logistica
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- The University of Queensland
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Kobexindo Tractors - Indoneisa
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Heidelberg Cement - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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