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Wednesday, 18 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
 Despite we all knew about the Covid-19 weeks ago, few could realize the size of the thread until the last few days. The examples of China and Italy weren’t enough to prepare us for what we would face. While strict measures are taken around the world in order to limit the spread of the virus, it is also crucial that each of us individually takes every precaution so that we can effectively face this invisible enemy. In light of this enemy, stock markets, trade and every business activity as we come to know it, have all started to collapse, affecting even more the global economy to new lows.
The shipping industry was inevitably affected as well. In the dry bulk market we have been experiencing a bad period since Q4 of 2019. The seasonal slowdown that started since Christmas and extended up to the end of the Chinese New Year along with the IMO regulations left no room for a strong Q1 in 2020. Initially, the virus outbreak reduced the trade and rates in the Far East. The collapse of the Capesize market was so severe though, that on 31st of January the index turned negative. BCI levels remained negative, reaching -355 points on 12/03/2020. The rest of the dry bulk indices kept facing pressure, while the BDI showed resistance just over the 400 point in the beginning of February.
Two weeks ago, the injection of fresh cargoes in the Atlantic coupled with a reported slowdown in new Covid-19 cases out of China resulted in a shy improvement of sentiment. Up until then, SnP activity followed a similar pattern and gave us glimpses of hope. The low indices reminded us a lot the period Q4 2015-Q1 2016. Asset values also began to decline, but by no means to the same extend they did in 2016.
Many buyers, especially in the Middle East and the West started to show interest for ships built 2005 onwards. Since the beginning of March we have also seen Far Eastern buyers showing interest for vintage Handysize loggers, Supramax and Panamax vessels with the majority of these buyers being Chinese. The quarantine regulations in some airports and ports worldwide led to huge difficulties for owners that wanted to arrange pre-purchase inspections, while delays were also observed in taking delivery of vessels. Naturally, many prospective buyers changed their mind and decided to wait until after there is more clarity regarding the current situation.
The last days’ events have significantly frozen buying interest since the negative sentiment widened and partly confirmed fears of further market declines and falling asset prices. Under the current circumstances, it seems that new buying opportunities will arise. Buyers still clearly have the upper hand since the supply of secondhand vessels is steadily higher and freight rates still shaky.
Despite the difficulties that every person encounters, we all have to keep moving forward. My wish to everyone is to remain strong and supportive towards their loved ones and we will come out of this much stronger. I would like to finish with one quote; “When it is dark enough, you can see the stars”, Charles A. Beard.
By Konstantinos Kontomichis
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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Monday, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- The Treasury - Australian Government
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Minerals Council of Australia
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Economic Council, Georgia
- The University of Queensland
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
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