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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, 17 April 20
PANDEMIC TO BRING ASIA'S 2020 GROWTH TO HALT FOR 1ST TIME IN 60 YEARS - IMF: REUTERS
Asia’s economic growth this year will grind to a halt for the first time in 60 years, as the coronavirus crisis takes an “unprecedented ...
Friday, 17 April 20
OPEC BRACES FOR OIL MARKET'S "HISTORIC SHOCK"
OPEC released its much anticipated April monthly report.
Crude Oil Price Movements
Crude oil prices collapsed in March 2020, rec ...
Friday, 17 April 20
SAUDI ARABIA'S MAY 2020 OSPS FOR CRUDE EXPORTS BODE WELL FOR ASIAN REFINERS - WOOD MACKENZIE
On 13 April, Saudi Arabia announced the Official Selling Prices (OSPs) for its May crude oil exports. The new OSPs speak volumes about Saudi Arabia ...
Friday, 17 April 20
SEABORNE COAL PRICES UNDER PRESSURE AS DEMAND SOFTENS IN CHINA, INDIA - CLYDE RUSSELL
Worrying signs are emerging for coal exporters to the world’s biggest markets in Asia, as top buyers China and India move to favour domestic ...
Thursday, 16 April 20
THERMAL POWER SECTOR FACES BLEAK SCENARIO POST-COVID SITUATION - THE HINDU BUSINESS LINE
The centre should take a fresh look at coal-energy value chain as the sector tops the chart on loan defaults.
Covid-19 may have serv ...
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- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Larsen & Toubro Limited - India
- Sree Jayajothi Cements Limited - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- AsiaOL BioFuels Corp., Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- SMC Global Power, Philippines
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Planning Commission, India
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Parry Sugars Refinery, India
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- PowerSource Philippines DevCo
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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