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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, 26 February 20
AS ALL OF THE GLOBAL COAL GIANTS EXIT SOUTH AFRICA, ESKOM TO DEPEND ON TWO MINERS FOR 70% OF ITS SUPPLY - BUSINESS INSIDER
While some of its politicians continue to imagine that coal has a future in South Africa, two key developments from the real world show that securi ...
Tuesday, 25 February 20
DELTA DUNIA MAKMUR REGISTERED A NET PROFIT OF US$20 MILLION FOR FY 2019
PT Delta Dunia Makmur, one of the largest coal mining company in Indonesia, has recorded an US$882 million revenue for FY 2019, 1% lower compared t ...
Tuesday, 25 February 20
SHIPPING UPDATE - ALLIED
The positive feeling and optimism for a fresh rally during the first few months of 2020 that prevailed in the tanker markets during the final quart ...
Monday, 24 February 20
COULD SOME VLSFO FUELS BE BANNED? - GIBSON
The run up to the implementation of the new IMO rules on marine fuels from1st January 2020 had owners and charterers analysing the vari ...
Monday, 24 February 20
CHINA SAYS MAJOR COAL FIRMS RESTORE 95% OF PRODUCTION CAPACITY - REUTERS
China’s coal companies controlled by the central government have resumed operations and are back at more than 95% of their capacity, an offic ...
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- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Bhatia International Limited - India
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- PTC India Limited - India
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
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