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