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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, 20 February 20
CHINA RESUMES OVER 70 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 70.2 percent of its coal production capacity with output recovering steadily amid the fight against the novel coronavirus epidemi ...
Thursday, 20 February 20
CHINA THERMAL COAL MARKET FACES 2-3 MONTH CORONAVIRUS SHORT SQUEEZE: NOBLE - REUTERS
China’s domestic thermal coal market faces a 2-3 month short squeeze as a rapidly spreading coronavirus outbreak curtails production more tha ...
Wednesday, 19 February 20
KOREA MIDLAND POWER INVITED BIDS FOR 1 MILLION TONS OF HCV AND LCV COAL FOR Q2- Q4 LOADING
COALspot.com: Korea Midland Power Co. Ltd, (KOMIPO). has issued an international tender for total 1 million MT of coal for April to December 2020 l ...
Wednesday, 19 February 20
GLENCORE WRITES OFF ALMOST $1 BILLION AT COLOMBIAN COAL MINES DUE TO FALLING EUROPEAN IMPORTS: BLOOMBERG
The economic case against European coal is proving too much for even Glencore Plc.
The world’s biggest coal shipper cut the va ...
Wednesday, 19 February 20
MINERS WELCOME INDONESIA'S NEW JOBS BILL THAT COULD SPUR COAL GROWTH - REUTERS
Miners have welcomed proposed changes to Indonesian mining rules under a new law aimed at boosting investment, though critics are concerned that th ...
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- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Kumho Petrochemical, South Korea
- Vedanta Resources Plc - India
- The University of Queensland
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- VISA Power Limited - India
- Sojitz Corporation - Japan
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Parry Sugars Refinery, India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Australian Coal Association
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Sarangani Energy Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Therma Luzon, Inc, Philippines
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
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