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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, 06 March 20
COLOMBIAN COAL OUTPUT FELL 2% IN 2019 - REUTERS
Coal production in Colombia, the fifth-largest coal exporter in the world, fell 2% to 82.2 million tonnes in 2019 after output at one of the princi ...
Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Planning Commission, India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- The University of Queensland
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Parry Sugars Refinery, India
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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