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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, 03 April 20
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Wednesday, 01 April 20
TRADERS SCRAMBLE TO SELL CHEAP CRUDE CARGOES AS GLUT GROWS - REUTERS
Oil traders across the globe are offering cargoes far in advance as rapidly vanishing demand drives key physical crude prices to multi-decade lows, ...
Wednesday, 01 April 20
MARKET INSIGHT - INTERMODAL
There is an old, allegedly Chinese, saying suggesting that living in “interesting” times usually refers to times of trouble. The latest ...
Tuesday, 31 March 20
FREIGHT MARKET: DRY BULKERS - SPOT MARKET 23-29 MARCH 2020
Capesize
The rebound in freight rates resumed this past week, with rates man-aging to post further gains by week’s end. The BCI is in negat ...
Tuesday, 31 March 20
DRY BULK: Q1 HAS BEEN THE WORST QUARTER NOTED FOR MORE THAN 3 YEARS NOW - ALLIED RESEARCH
At this point, the Covid-19 pandemic seems to be monopolizing all market (as well as all other) discussions across the world and any market insight ...
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- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Australian Coal Association
- Meralco Power Generation, Philippines
- The University of Queensland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- PTC India Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Indika Energy - Indonesia
- Minerals Council of Australia
- London Commodity Brokers - England
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
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