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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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Sunday, 23 February 20
SHIPPING INDUSTRY FACES $370 MILLION HIT FROM NEW PANAMA CANAL CHARGE - REUTERS
A new “freshwater” charge that came in this month to help the Panama Canal cope with climate change will cost the shipping industry up ...
Sunday, 23 February 20
A 57,000DWT SHIP FIXING DELIVERY SOUTH KALIMANTAN TRIP, REDELIVERY CJK, AT $7,600 - BALTIC BRIEFING
Capesize
The Capesize market found little to cheer about this week as it again endured remarkable lows. The Atlantic continued to improve, with ...
Saturday, 22 February 20
THE SURPRISING MOVE IN MARINE FUEL SPREADS - ING
Middle distillates tank
One of the biggest surprises since the implementation of new International Maritime Organization (IMO) sulphur regulati ...
Friday, 21 February 20
CAPE: AVERAGE NOMINAL DAILY EARNINGS STILL ADMITTEDLY UNCHANGED W-O-W AT BELOW US$3000 - FEARNLEYS
CAPE
The worst may just about be over for the big ships. Average nominal daily earnings still admittedly unchanged w-o-w at below US$3k, but sent ...
Friday, 21 February 20
INDIA: POTENTIAL INVESTORS SEEK MORE CLARITY ON COMMERCIAL COAL MINING NORMS - FINANCIAL EXPRESS
Potential private investors have sought more clarity on the pricing mechanism proposed for the much-anticipated auction for commercial coal mining. ...
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- Price Waterhouse Coopers - Russia
- Sindya Power Generating Company Private Ltd
- Straits Asia Resources Limited - Singapore
- Ind-Barath Power Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- LBH Netherlands Bv - Netherlands
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Australian Coal Association
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- IEA Clean Coal Centre - UK
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
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