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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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- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- The University of Queensland
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
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