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