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Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
 Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a review of how much the shipping industry has been affected. As it was expected, the Covid-19 has a huge impact not only on the freight market of different sectors but also on the way that the shipping participants operate. It is essential for shipping participants to travel around the world; the prohibition of traveling added an additional burden to the shipping community. We witnessed cases where crews remained on ships beyond their contracts as they could only change in certain ports. We have seen SnP transactions fail due to the fact that the delivery of units was very difficult. Another reason that led to transaction failures was the negative momentum in the freight market; that led owners to withdraw from SnP transactions that they were about to complete in the view of a very negative freight market outlook.
Let us not forget that, as far as the dry sector is concerned, we saw the market being below 600 units from late January to June, with a few exceptions where the BDI posted at the region of 700 points. There was a time when we really did not witness any secondhand transaction while the freight market in the dry bulk sector was at significantly low levels. But, as soon as June kicked off, things changed a lot. The market started to recover with the BDI passing even the 2000 points. We suddenly saw several buyers leaving the sidelines and bid on ships. Many vessels were sold on a waiving inspection basis while their prices increased as the competition increased.
An example of such a price increase was the sale of a Japanese Supramax, 2008 built which was sold for USD 7.8 million back in March, while today, the owners for similar units are asking over USD 9.5 million. Prices for the other sizes followed the same trend with the exception of Handysize vessels; while we are noticing some increases in prices for such units, these improvements have not been as rapid as the market recovery.
As we are coming close to the end of 2020 and we are waiting for the vaccine against coronavirus that will boost the psychology worldwide and the global economy, it will be very interesting to see how the charter market will react. At the moment, there is some ground for optimism, and we hope that the coming year will provide a boost to World Trade and consequently positive fundamentals will arise for the shipping industry.
By George Iliopoulos
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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- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Kobexindo Tractors - Indoneisa
- Attock Cement Pakistan Limited
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
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