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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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Tuesday, 21 January 20
THERMAL COAL PRICES SET FOR RECOVERY THIS YEAR AS OVERSUPPLY TIGHTENS - REUTERS
Thermal coal prices are expected to recover this year after losing around a third of their value last year as demand from some south-east Asian cou ...
Monday, 20 January 20
INDIA TO STOP SUBSTITUTABLE COAL IMPORT; CAN GO FOR AUCTION OF 100 FULLY EXPLORED NEW BLOCKS: JOSHI - PTI
The Cabinet recently approved promulgation of Mineral Laws (Amendment) Ordinance 2020 to amend Mines and Minerals (Development and Regulation ) Act ...
Monday, 20 January 20
CHINA DECEMBER COAL OUTPUT UP 2.4 PERCENT ON YEAR - STATS BUREAU: REUTERS
China produced 331.74 million tonnes of coal in December, up 2.4 percent on the year, the National Bureau of Statistics said on Friday.
...
Monday, 20 January 20
CHINA IMPORTED 124.4 MLN TONNES OF COAL FROM INDONESIA IN 2019, UP 15.1 PERCENT YOY - BANCHERO COSTA
China's coal imports raced ahead in 2019, surprising many who had expected that in the months of 2019 to come the government would clamp down s ...
Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
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- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Posco Energy - South Korea
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Bank of Tokyo Mitsubishi UFJ Ltd
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- The University of Queensland
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Miang Besar Coal Terminal - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
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