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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Planning Commission, India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Electricity Authority, New Zealand
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- PTC India Limited - India
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
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