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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, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
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- Chamber of Mines of South Africa
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- IHS Mccloskey Coal Group - USA
- Baramulti Group, Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Dalmia Cement Bharat India
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Meralco Power Generation, Philippines
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- White Energy Company Limited
- CNBM International Corporation - China
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Goldman Sachs - Singapore
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Orica Mining Services - Indonesia
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