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