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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, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Edison Trading Spa - Italy
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Marubeni Corporation - India
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