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