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