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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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Friday, 06 March 20
SOLID BACKING FOR LNG AS A MARINE FUEL - BALTIC EXCHANGE
When it comes to choosing the best fuel on the near horizon to help the international shipping industry shrink its carbon intensity by 2050, DNV GL ...
Friday, 06 March 20
INDONESIA COAL PRICE REFERENCE UP AGAIN THIS MONTH
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 March 20
PANAMAX: SHIP-OWNERS HAVE MOSTLY BEEN GETTING HIGHER RATES THAN THE LAST DONE - FEARNLEYS
Cape
There is still limited amount of positive news around, with the effects of Corona virus hurting world economy. However, overall average in ...
Thursday, 05 March 20
COAL IMPORTS DOWN IN MAJOR ASIAN MARKETS, AND CORONAVIRUS NOT THE DRIVING FORCE - CLYDE RUSSELL
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
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- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Australian Coal Association
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- The University of Queensland
- Grasim Industreis Ltd - India
- Kideco Jaya Agung - Indonesia
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Binh Thuan Hamico - Vietnam
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