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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, 04 March 20
CORONAVIRUS: A WILDCARD FOR BULKS DEMAND - WOOD MACKENZIE
The coronavirus is casting a shadow across commodity markets. It has undermined China’s economic sentiment, putting the country’s growt ...
Wednesday, 04 March 20
THERMAL COAL TO 'PHASE OUT', STRONG DEMAND FOR COKING COAL: PLATO - SYDNEY MORNING HERALD
Plato Investments managing director Don Hamson says Australian iron ore producers are set to benefit in the fallout from coronavirus as China will ...
Wednesday, 04 March 20
CHINA PROVINCE TO CLOSE 10 MLN TONNES OF COAL CAPACITY IN 2020 - XINHUA
Southwest China’s Guizhou Province plans to phase out 10 million tonnes of outdated coal production capacity by closing 80 coal mines in 2020 ...
Wednesday, 04 March 20
UKRAINE PRODUCED OVER 2.55 MLN TONNES OF COAL IN FEBRUARY - UKRINFORM
In February 2020, Ukraine produced over 2.55 million tonnes of coal, which is 0.2% less than planned.
The Coal Miners Union of Ukrai ...
Tuesday, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
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- Semirara Mining Corp, Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- India Bulls Power Limited - India
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Mercator Lines Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Essar Steel Hazira Ltd - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Energy Link Ltd, New Zealand
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Salva Resources Pvt Ltd - India
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
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