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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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Saturday, 28 March 20
ASIA'S COAL MARKETS DIVERGE ON QUALITY LINES AS CORONAVIRUS HITS INDIA - REUTERS
Asia’s seaborne coal market is increasingly diverging between higher-quality Australian coal, where prices are holding up despite the economi ...
Friday, 27 March 20
CHINA'S BULKS: THE SENTIMENT GAP BETWEEN STEEL AND COAL WIDENS - WOOD MACKENZIE
China seems to be containing its local coronavirus situation, with imported cases now posing the greater threat. While quarantine measures remain t ...
Friday, 27 March 20
S.KOREA Q1 THERMAL COAL IMPORTS SET FOR 10-YR LOW ON ANTI-POLLUTION MEASURES - REUTERS
South Korea’s first-quarter thermal coal imports are set to fall to a decade-low due to stricter air pollution measures, while the coronaviru ...
Friday, 27 March 20
PORT OF NEWCASTLE OPERATIONS CONTINUE WITH COVID-19 RESPONSE MEASURES IN PLACE
Port of Newcastle, like many organisations, is taking a precautionary approach to help manage COVID-19 risks in the community. Our focus is on ensu ...
Thursday, 26 March 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 ...
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- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Planning Commission, India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- PTC India Limited - India
- CNBM International Corporation - China
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- The University of Queensland
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Agrawal Coal Company - India
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
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