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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, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Ministry of Transport, Egypt
- White Energy Company Limited
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
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