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