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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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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
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 ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- ICICI Bank Limited - India
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhatia International Limited - India
- Formosa Plastics Group - Taiwan
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Antam Resourcindo - Indonesia
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Australian Coal Association
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- GVK Power & Infra Limited - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Chamber of Mines of South Africa
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kobexindo Tractors - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Indika Energy - Indonesia
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