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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
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