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Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
 The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GDP. The degree to which different economies will be affected varies, with some countries looking at damages only in few industries. In that spirit, since the Greek economy is not very reliant to the Chinese one, we can assume that the sector that will suffer most will be tourism, taking into consideration the upcoming holiday cancellation domino effect from Asia based citizens.
The Chinese government announced that aggressive measures will come into effect in an effort to limit the impact of a major shock from the spread of the coronavirus outbreak to the global economy. Part of these measures will include a brave injection of 1.2 trillion yuan (EUR 156 billion) in the country’s financial system as well as tariff exemptions on US farm, medical and energy products. In an effort to assess the extent that the economic impact the virus outbreak will have, Goldman Sachs analysts estimated that only a 0.1%-0.2% of the global economy will be affected, with this cost climbing up to 0.3% of the global GDP in the most pessimistic scenario.
The tanker market was the last one feeling the impact of the virus outbreak, with demand and rates being affected fairly recently compared to other sectors, however, if the spread continues for a long time, then Chinese demand for oil may experience contraction and push rates to even lower levels. On the dirty tanker market, we have seen a fall over the last weeks due to the lifting of US sanctions on Chinese-interest ships, with almost 40 VLCC tankers having returned to the market, significantly increasing the availability of tonnage as a result. In addition, as the countries of the West gradually enter the spring season, a brake on demand for tanker vessels is also on the cards due to seasonality.
On other news that could have a negative impact in the progress of the industry, the Manila Times newspaper pointed out the systematic failure of Philippine's Naval Schools and Academies to meet the international standards of training for a variety of reasons, including the poor naval training system, especially for low-wage crews.
According to the Philippine Maritime Industry Authority (Marina), 61 of the country's 91 naval schools should immediately cease their operations as there is no compliance with the requirements of the STCW (International Maritime Organization Convention on Standards of Training Certification and Watchkeeping for Seafarers). A development like that, which concerns the two-thirds of naval schools in the country, will seriously affect the capacity to train seafarers and the international credibility of all graduates from the Philippine naval schools.
By Zisis Stylianos
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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Bahari Cakrawala Sebuku - Indonesia
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Mjunction Services Limited - India
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Thiess Contractors Indonesia
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Makarim & Taira - Indonesia
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Intertek Mineral Services - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- Global Coal Blending Company Limited - Australia
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