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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, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
- Planning Commission, India
- Indian Energy Exchange, India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Aboitiz Power Corporation - Philippines
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Mercuria Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
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