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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, 11 March 20
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX UP 0.07 PCT - XINHUA
China Taiyuan coal transaction price index stood at 133.16 points Monday, up 0.07 percent week on week.
The index, released by China ...
Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
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- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Independent Power Producers Association of India
- Kohat Cement Company Ltd. - Pakistan
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Africa Commodities Group - South Africa
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- ASAPP Information Group - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Oil Corporation Limited
- Sojitz Corporation - Japan
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Planning Commission, India
- Thai Mozambique Logistica
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
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