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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, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
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 ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Latin American Coal - Colombia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Maheswari Brothers Coal Limited - India
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- SN Aboitiz Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Meenaskhi Energy Private Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
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