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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
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- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Parliament of New Zealand
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Australian Coal Association
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
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