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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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Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Bhoruka Overseas - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Chettinad Cement Corporation Ltd - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Straits Asia Resources Limited - Singapore
- Sarangani Energy Corporation, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- TNB Fuel Sdn Bhd - Malaysia
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Rio Tinto Coal - Australia
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Marubeni Corporation - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
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