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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, 19 February 20
AS OCEAN TEMPERATURES RISE, SHIPOWNERS LOOK FOR WAYS TO COPE - WARTSILA
The world is heating up, and its oceans are no exception. According to the International Panel on Climate Change (IPCC), the oceans absorb the majo ...
Wednesday, 19 February 20
MARKET INSIGHT - INTERMODAL
The coronavirus outbreak is estimated to negatively affect global economy by at least EUR400bn this year, representing around the 0.4% of global GD ...
Tuesday, 18 February 20
WEEKLY MARKET ANALYSIS - ALLIED
Under such poorly performing market circumstances, many usually take the historical approach, in order to better understand and further analyze the ...
Tuesday, 18 February 20
ADARO SHIPPED 27 PERCENT OF ITS TOTAL COAL PRODUCTION IN 2019 TO INDIA AND CHINA
PT Adaro Energy Tbk (AE) produced 58.03 Mt of coal from PT Adaro Indonesia (AI), Balangan Coal Companies and Adaro Me ...
Tuesday, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
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- Vijayanagar Sugar Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Planning Commission, India
- Bhatia International Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Goldman Sachs - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- European Bulk Services B.V. - Netherlands
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- White Energy Company Limited
- Timah Investasi Mineral - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Attock Cement Pakistan Limited
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
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