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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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Wednesday, 08 January 20
WHAT IS BIMCO THINKING ABOUT 2020? - BIMCO
Every year, BIMCO considers what is in store for the shipping industry and for BIMCO in the coming years, while also reflecting on the year gone by ...
Wednesday, 08 January 20
VINACOMIN SETS TO SELL 49 MILLION TONNES OF COAL IN 2020 - VIETNAM NET
The Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) has set to sell 49 million tonnes of coal in 2020, a year-on-y ...
Wednesday, 08 January 20
CHINA'S COAL-RICH PROVINCE CUTS 18.95 MLN TONNES OF CAPACITY IN 2019 - XINHUA
North China’s Shanxi Province reduced its coal production capacity by 18.95 million tonnes by closing 18 coal mines in 2019.
A ...
Wednesday, 08 January 20
JANUARY INDONESIAN COAL PRICE REFERENCE SLIPS US$ 0.37 MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Tuesday, 07 January 20
CLEANER AIR IN 2020: 0.5% SULPHUR CAP FOR SHIPS ENTERS INTO FORCE WORLDWIDE - EUROPEAN COMMISSION
From 1 January 2020, the maximum sulphur content of marine fuels is reduced to 0.5% (down from 3.5%) globally – reducing air pollution and pr ...
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- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Parry Sugars Refinery, India
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Bhatia International Limited - India
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- PTC India Limited - India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Planning Commission, India
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Ceylon Electricity Board - Sri Lanka
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Grasim Industreis Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
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