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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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Wednesday, 11 March 20
SHIPPING MARKET INSIGHT - INTERMODAL
On the 4th of September the Baltic Dry Index marked its highest level for 2019, reaching 2,518 points, while the rest of the dry indices also recor ...
Tuesday, 10 March 20
SHIPPING MARKET ANALYSIS
It might be already overstated, but it seems to be important to point out once again how peculiar the current circumstances are.
Before the st ...
Tuesday, 10 March 20
EIA FORECASTS U.S ELECTRIC POWER SECTOR DEMAND FOR COAL WILL FALL BY 81 MMST (15%) IN 2020
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019. According to EIA's Shor ...
Tuesday, 10 March 20
CORONAVIRUS: DEMAND DOWNGRADES FOR BULK COMMODITIES - WOOD MACKENZIE
The coronavirus outbreak is a rapidly evolving news story – and a real wildcard for bulks demand. Our global experts are monitoring the impac ...
Tuesday, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
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- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Rio Tinto Coal - Australia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Chamber of Mines of South Africa
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
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