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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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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy ...
Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
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- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Australian Coal Association
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- PTC India Limited - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Parliament of New Zealand
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
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