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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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Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
Friday, 13 March 20
TOP 4 ACCOUNTING CONSIDERATIONS AFTER THE IMPLEMENTATION OF IMO 2020 - PWC
To install or not to install?
Following the IMO 2020 global low sulphur cap for marine fuel effective since 1 January 2020, many shi ...
Friday, 13 March 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Friday, 13 March 20
KOREA SOUTH-EAST POWER INVITED BIDS FOR 390,000 MT OF THERMAL COAL FOR MAY-JUNE 2020 LOADING
COALspot.com: Korea South-East Power Co., Ltd. (KOEN), has issued an international tender for total 390,000 Metric Tons of coal for May & June ...
Thursday, 12 March 20
INDIA 2019 THERMAL COAL IMPORTS RISE 12.6% TO NEARLY 200 MILLION TONNES - REUTERS
India’s thermal coal imports rose 12.6% to nearly 200 million tonnes in 2019, government data reviewed by Reuters showed, reflecting the seco ...
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- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sinarmas Energy and Mining - Indonesia
- Bhushan Steel Limited - India
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Energy Development Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Chettinad Cement Corporation Ltd - India
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