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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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Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
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- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- London Commodity Brokers - England
- Indian Oil Corporation Limited
- The University of Queensland
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Australian Coal Association
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
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