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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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- Mercator Lines Limited - India
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- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- The Treasury - Australian Government
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- Posco Energy - South Korea
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
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- Aboitiz Power Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Planning Commission, India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Power Finance Corporation Ltd., India
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
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- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- New Zealand Coal & Carbon
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- PetroVietnam Power Coal Import and Supply Company
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
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