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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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Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
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- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Planning Commission, India
- Wood Mackenzie - Singapore
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- PTC India Limited - India
- Formosa Plastics Group - Taiwan
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Vizag Seaport Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
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