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Wednesday, 04 March 20
MARKET INSIGHT - INTERMODAL
 As it was expected, the whole world has been focusing on the spread of the Coronavirus, with the fast outbreak being primarily a massive humanitarian concern and unavoidably a concern about the course of the world economic growth. Our European neighbor, Italy, has been taking extremely strict measures in order to deal with the epidemic that went out of control quickly in the country and has already shaped the daily life there with cinematic scenes taking place as people tried to stock both on food and medical supplies in fear of a future shortage of such products.
Financial markets around the world have been also getting a lot of pressure, while the impact on the shipping industry has been substantial so far as well, a development expected given the many ways shipping is interlinked with China and therefore affected by what goes around there.
Despite the extended problems in China we have been recently noticing slightly increased activity in shipyards. Indeed, contrary to the previous weeks during which most local yards were closed and many ships could not complete their dry-dockings, slowly but steadily operations have been resuming despite the reduced personnel. Another sign of the gradual return to normality is the improved SnP activity as far as Chinese owners are concerned. After muted buying appetite due to the Chinese New Year and the outbreak of the virus, it seems that even while many of them are still restricted at their homes, Chinese owners have started getting their hands on dry bulk candidates again.
What is fairly interesting even at this stage is the extent to which the shipping industry as well as global markets in general will recover once the epidemic is contained. We have seen in the past that after the spread of a virus, a strong rebound follows, which was also the case following the containment of the SARS and Zika viruses. Many believe that after the relaxation of the strict measures that coincided with the end of the Chinese New Year, we will see a fast rebound of the market. This would also explain why among others, Greek and Chinese owners are particularly active nowadays. Indeed, during February, which was an extremely bad month for the shipping market due to the above mentioned reasons, we saw more than 45 vessels (Handysize up to Capesize) changing hands.
Another notable point that is related to the activity in the second-hand dry bulk market of the past couple of months is that asset values during this environment of exceptionally - in some cases – low freight rates have not declined as much as someone would expect and compared to previous times that the market had gone through similar shocks. This is not to say that we haven’t seen discounts compared to the end of last year but there was certainly no collapse. Surprisingly enough it was Handysize values that seemed to have received the biggest discounts despite the fact that rates for the size showed the most resistance during these very bad months and that during previous market downturns this was the size that saw less pressure in terms of asset prices.
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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Thursday, 19 March 20
A CRUDE TSUNAMI: UP TO 3 MILLION BPD OF EXTRA OIL CAN HIT THE MARKET FROM APRIL, MORE COMING IN MAY - RYSTAD ENERGY
The extra oil coming into the global market from April will be as much as 3 million barrels per day (bpd), Rystad Energy estimates. Two million bpd ...
Thursday, 19 March 20
BIMCO REVISES 2020 FORECAST FOR MAIN SHIPPING MARKETS
The coronavirus pandemic is impacting global shipping demand for 2020 negatively. The speed of the virus spread makes it difficult to assess the fu ...
Thursday, 19 March 20
U.S. COAL EXPORTS DECLINED IN 2019 - EIA
In 2019, U.S. coal exports declined to 93 million short tons (MMst), a 20% decrease from the previous year, according to the U.S. Energy Informatio ...
Thursday, 19 March 20
SOUTH KOREA'S KOSPO INVITED BIDS FOR MIN 3,700 OR MIN 4,200 NCV LOW CALORIFIC VALUE COAL
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO), has issued an international tender for total 160,000 MT (±10%) (80,000 x 2 Panamax) of ...
Wednesday, 18 March 20
DRY BULK: INDONESIAN COAL CARGOES PROVIDING A BIG BOOST IN THE EAST WHERE SENTIMENT FOR HANDIES ALSO STARTED IMPROVING - INTERMODAL
The BDI ended last week with small gains on the back of an encouraging number of cargoes out of key trading regions that helped sustain the reserve ...
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- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Larsen & Toubro Limited - India
- Australian Coal Association
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
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