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Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
 Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to overcome new ones quickly and effectively not only to continue servicing their clients but also in order to move forward. While it is still uncertain if we are still in the Covid-19 era or in the post Covid-19 era, just like in every previous crisis there will be opportunities to be exploited.
Between mid-March and the end of April most countries where either in lock down or had just started coming out of it. As we all know the lockdowns around the globe affected the pace of the different supply chains, which effectively led to reduced volumes of transported cargo. Now that most restrictive measures have started to ease, trade volumes are expected to start picking up and if we also take into account the fact that billions in stimulus packages have been announced by the largest economies, there is a lot of speculation – and great anticipation- that the market will rebound at some point during the remainder of the year.
Some even believe that the momentum will be strong enough to eventually help overcome the challenges that the shipping market was facing prior to the Covid-19 crisis. Additionally, the fact that the presidential US elections are taking place in November means that the uncertainty that was already increasing prior to the lockdowns will eventually have to abate before the end of 2020.
It goes without saying that the effect of any government money poured into any economy will take time until it is truly felt but in terms of boosting sentiment it will help even at earlier stages and before the market starts to move up decisively.
That being said, shipowners should keep a close eye on asset values now and before the market takes off. Volatile times are not for the faint hearted but the reality is that that it is more conservative to invest during a bottoming market instead of buying a vessel when prices have already appreciated, not only because tonnage is priced more realistically but also because the downside in the first instance is much smaller.
Dry bulk asset values have been dropping for the last four months with limited SnP activity during the global quarantine period between mid-March and the end of April when a total of 25 transactions have been reported, exactly half of those that took place during the same period in 2019.
Theory differs from practice many times of course and one could argue that a “wait and see strategy” is a safer investing approach. One can wait as long as she or he desires but there are two facts that nobody can deny; asset prices are low and more cargo will sooner or later start to move. So if you were looking to invest it seems that the timing might be just about right.
By Timos Papadimitriou
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, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parry Sugars Refinery, India
- Planning Commission, India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Georgia Ports Authority, United States
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Australian Coal Association
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bahari Cakrawala Sebuku - Indonesia
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
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