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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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Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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 humanitari ...
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- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Planning Commission, India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Thai Mozambique Logistica
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Gujarat Sidhee Cement - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Minerals Council of Australia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
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