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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Madhucon Powers Ltd - India
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- SMG Consultants - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- Wilmar Investment Holdings
- Africa Commodities Group - South Africa
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Coalindo Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
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