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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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Saturday, 01 February 20
COAL IS NOT GOING ANYWHERE - MINING REVIEW
The coal sector is living under the constant threat of being blamed by environmentalists as being responsible for a world disaster called global wa ...
Saturday, 01 February 20
CIL PRODUCTION TO NOT EXCEED 640 MILLION TON IN FY20: OFFICIAL - PTI
Hit by disruptions due to a prolonged monsoon, mining major Coal India Ltd’s production in the current fiscal will not exceed 640 million ton ...
Saturday, 01 February 20
WHO PAYS FOR IMO 2020? - FREIGHT WAVES
The United Nations’ International Maritime Organization (IMO) implemented its low-sulfur fuel mandate on January 1, 2020. Full enforcement be ...
Friday, 31 January 20
EIA EXPECTS U.S. ELECTRICITY GENERATION FROM RENEWABLES TO SOON SURPASS NUCLEAR AND COAL
In the latest long-term projections, the U.S Energy Information Administration (EIA) projects electricity generation from renewable sources such as ...
Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
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- Economic Council, Georgia
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Minerals Council of Australia
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Deloitte Consulting - India
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Carbofer General Trading SA - India
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
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