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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- The University of Queensland
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Kartika Selabumi Mining - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Orica Australia Pty. Ltd.
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Eastern Coal Council - USA
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
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