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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, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
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- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- Georgia Ports Authority, United States
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Videocon Industries ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
- Mercuria Energy - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
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