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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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Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Vedanta Resources Plc - India
- Trasteel International SA, Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Wilmar Investment Holdings
- The University of Queensland
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
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