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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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- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Australian Coal Association
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Borneo Indobara - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- PTC India Limited - India
- Central Java Power - Indonesia
- Minerals Council of Australia
- International Coal Ventures Pvt Ltd - India
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Planning Commission, India
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Star Paper Mills Limited - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Vizag Seaport Private Limited - India
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
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