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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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Wednesday, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
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