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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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Tuesday, 17 March 20
IT IS NOW UNQUESTIONABLE THAT 2020 WILL BE A MILESTONE YEAR FOR THE OIL MARKET, AS WELL AS THE WHOLE GLOBAL ECONOMY - ALLIED
It is now unquestionable that 2020 will be a milestone year for the oil market, as well as the whole global economy. The impact from the COVID-19 o ...
Tuesday, 17 March 20
PRELIMINARY FIELD EXPERIENCES ON THE EFFECTS OF LSFO AND VLSFO ON CYLINDER CONDITION - HANS JENSEN LUBRICATORS
It is now more than two months since the 0.5% sulphur cap entered into force, which have affected the operation of more than 70,000 vessels. As ant ...
Monday, 16 March 20
ULTRAMAX: S8 INDONESIA-INDIA AND S10 INDONESIA-CHINA ROUTES BOTH POSTED GAINS OF $1,412, AND $1,289 ON THE WEEK, TO CLOSE AT $5,575, AND $6,089 RESPECTIVELY - BALTIC BRIEFING
Capesize
The Capesize market came to work on Monday, with little expectation, or confidence, that the days ahead were going to bring anything o ...
Sunday, 15 March 20
CAPTIVE COAL OUTPUT RISES 19% IN APRIL-FEBRUARY - FINANCIAL EXPRESS
Coal production from captive mines in the first eleven months of the ongoing fiscal have increased by 18.8% year-on-year (y-o-y) to 51.7 million to ...
Friday, 13 March 20
PANAMAX: SLIGHTLY STRONGER NUMBERS IN BOTH BASINS THIS WEEK - FEARNLEYS
Cape
Still very sad times for the big ships, and merit in further trading at present levels is highly debatable for most tonnage. Spot fixtures ...
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- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Economic Council, Georgia
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- The University of Queensland
- Edison Trading Spa - Italy
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
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