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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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- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Posco Energy - South Korea
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Deloitte Consulting - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Lanco Infratech Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Economic Council, Georgia
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
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