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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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Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
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- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- The University of Queensland
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Australian Coal Association
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
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