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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
 Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy weren’t enough to prepare us for what we would face. While strict measures are taken around the world in order to limit the spread of the virus, it is also crucial that each of us individually takes every precaution so that we can effectively face this invisible enemy. In light of this enemy, stock markets, trade and every business activity as we come to know it, have all started to collapse, affecting even more the global economy to new lows.
The shipping industry was inevitably affected as well. In the dry bulk market we have been experiencing a bad period since Q4 of 2019. The seasonal slowdown that started since Christmas and extended up to the end of the Chinese New Year along with the IMO regulations left no room for a strong Q1 in 2020. Initially, the virus outbreak reduced the trade and rates in the Far East. The collapse of the Capesize market was so severe though, that on 31st of January the index turned negative. BCI levels remained negative, reaching -355 points on 12/03/2020. The rest of the dry bulk indices kept facing pressure, while the BDI showed resistance just over the 400 point in the beginning of February.
Two weeks ago, the injection of fresh cargoes in the Atlantic coupled with a reported slowdown in new Covid-19 cases out of China resulted in a shy improvement of sentiment. Up until then, SnP activity followed a similar pattern and gave us glimpses of hope. The low indices reminded us a lot the period Q4 2015-Q1 2016. Asset values also began to decline, but by no means to the same extend they did in 2016.
Many buyers, especially in the Middle East and the West started to show interest for ships built 2005 onwards. Since the beginning of March we have also seen Far Eastern buyers showing interest for vintage Handysize loggers, Supramax and Panamax vessels with the majority of these buyers being Chinese. The quarantine regulations in some airports and ports worldwide led to huge difficulties for owners that wanted to arrange pre-purchase inspections, while delays were also observed in taking delivery of vessels. Naturally, many prospective buyers changed their mind and decided to wait until after there is more clarity regarding the current situation.
The last days’ events have significantly frozen buying interest since the negative sentiment widened and partly confirmed fears of further market declines and falling asset prices. Under the current circumstances, it seems that new buying opportunities will arise. Buyers still clearly have the upper hand since the supply of secondhand vessels is steadily higher and freight rates still shaky.
Despite the difficulties that every person encounters, we all have to keep moving forward. My wish to everyone is to remain strong and supportive towards their loved ones and we will come out of this much stronger. I would like to finish with one quote; “When it is dark enough, you can see the stars”, Charles A. Beard.
By Konstantinos Kontomichis
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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Friday, 01 May 20
GLOBAL COAL DEMAND TO FALL BY 8% IN Q1 2020 RELATIVE TO Q1 2019 - IEA
We expect global coal demand to fall by 8% in Q1 2020 relative to Q1 2019. This significant drop was driven by lower demand in the electricity sect ...
Friday, 01 May 20
LUKOIL SHARES LUBRICANT EXPERIENCE AFTER FIRST 100 DAYS OF OPERATION ON VLSFO
KNOWLEDGE TO ELEVATE
After 100 days of VLSFO operation, LUKOIL Marine Lubricants is sharing recent experience on VLSFO operation with NAVIGO M ...
Wednesday, 29 April 20
OIL CLOSES IN ON PEAK OVERSUPPLY - WOOD MACKENZIE
Are we now deep in the abyss? Up to our necks in it, if the oil price is any guide. Brent has now tested sub-US$20/bbl in this downturn and WTI sub ...
Monday, 27 April 20
INCIDENT INVESTIGATION: SEARCH FOR THE CAUSE, NOT THE VILLAIN - GARD
Incident investigations often conclude with placing the blame for an incident on the crew. Causes of the incidents are usually identified as proced ...
Monday, 27 April 20
A 58,000DWT VESSEL WAS FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY WC INDIA, AT $4,500 - BALTIC BRIEFING
Capesize
The tide turned this week for the Capesize market, as voyage rates registered dramatically falling fuel costs. This was led primarily ...
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- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Oldendorff Carriers - Singapore
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Bharathi Cement Corporation - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Aditya Birla Group - India
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Eastern Coal Council - USA
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
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