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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, 21 March 20
PANAMAX: 82,000DWT SHIP AGREED $4,250 FOR A COAL TRIP VIA INDONESIA REDELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
The Capesize market made some headway this past week despite being buffeted by the global pandemic storm. With the market in a constan ...
Friday, 20 March 20
VOLATILITY TO INCREASE IN TANKER MARKET FOLLOWING OIL PRICE WAR - DREWRY
Crude oil prices plunged by more than a third in the past week after OPEC+ failed to agree on production cut as demand softened in the aftermath of ...
Friday, 20 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 ...
Friday, 20 March 20
OIL PRICES COULD FALL BELOW ZERO: ANALYST - FOX BUSINESS
Plunging oil prices could be headed a lot lower – possibly below zero, according to one Wall Street analyst.
West Texas Interm ...
Friday, 20 March 20
84% OF FEBRUARY BUNKER SALES IN SINGAPORE ARE LOW-SULPHUR FUELS - BIMCO
Low-sulphur fuels accounted for 84% of total February sales in Singapore, slightly up from 83% in January. The sale of low-sulphur fuel oil (LSFO) ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Videocon Industries ltd - India
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- The University of Queensland
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- CNBM International Corporation - China
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
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