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