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Wednesday, 03 June 20
MARKET INSIGHT - INTERMODAL
 Once again shipping is about to venture into uncharted waters and before the challenges of the past decade are forgotten, shipowners will have to overcome new ones quickly and effectively not only to continue servicing their clients but also in order to move forward. While it is still uncertain if we are still in the Covid-19 era or in the post Covid-19 era, just like in every previous crisis there will be opportunities to be exploited.
Between mid-March and the end of April most countries where either in lock down or had just started coming out of it. As we all know the lockdowns around the globe affected the pace of the different supply chains, which effectively led to reduced volumes of transported cargo. Now that most restrictive measures have started to ease, trade volumes are expected to start picking up and if we also take into account the fact that billions in stimulus packages have been announced by the largest economies, there is a lot of speculation – and great anticipation- that the market will rebound at some point during the remainder of the year.
Some even believe that the momentum will be strong enough to eventually help overcome the challenges that the shipping market was facing prior to the Covid-19 crisis. Additionally, the fact that the presidential US elections are taking place in November means that the uncertainty that was already increasing prior to the lockdowns will eventually have to abate before the end of 2020.
It goes without saying that the effect of any government money poured into any economy will take time until it is truly felt but in terms of boosting sentiment it will help even at earlier stages and before the market starts to move up decisively.
That being said, shipowners should keep a close eye on asset values now and before the market takes off. Volatile times are not for the faint hearted but the reality is that that it is more conservative to invest during a bottoming market instead of buying a vessel when prices have already appreciated, not only because tonnage is priced more realistically but also because the downside in the first instance is much smaller.
Dry bulk asset values have been dropping for the last four months with limited SnP activity during the global quarantine period between mid-March and the end of April when a total of 25 transactions have been reported, exactly half of those that took place during the same period in 2019.
Theory differs from practice many times of course and one could argue that a “wait and see strategy” is a safer investing approach. One can wait as long as she or he desires but there are two facts that nobody can deny; asset prices are low and more cargo will sooner or later start to move. So if you were looking to invest it seems that the timing might be just about right.
By Timos Papadimitriou
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
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Wednesday, 30 July 14
CAPES SEEMED TO BE STRANDED AT THE SAME LEVELS; PANAMAXES MANAGED TO SLIGHTLY REVIVE - INTERMODAL
COALspot.com: The Dry Bulk market took a breath this past week, as both Panamaxes and Supras started to see a small influx of activity, which was j ...
Tuesday, 29 July 14
TOTAL SELLS ITS SOUTH AFRICAN COAL MINING ASSETS TO EXXARO
Total has signed an agreement with Exxaro Resources Ltd for the sale of its 100% stake in Total Coal South Africa (TCSA), its coal-producing affili ...
Tuesday, 29 July 14
GENCO: DRY BULK SHIPPING VALUATIONS NO LONGER ANCHORED TO DISCOUNTED CASH FLOW METHOD - WEIL
KNOWLEDGE TO ELEVATE
Discounted cash flow analysis is a mainstay among the valuation methodologies used by restructuring professionals and bank ...
Tuesday, 29 July 14
SHIP OWNERS' DEMAND OF NEW VESSELS DENTED AS A RESULT OF LOWER FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The sharp downward direction of dry bulk freight rates has had a negative impact on investors’ secondhand buying appetite that wait to see th ...
Monday, 28 July 14
Q3' 14, SUB-BIT FOB INDONESIA COAL SWAP GAINED $ 0.08 DAY ON DAY AND $ 0.68 WEEK ON WEEK
COALspot.com: Indonesian coal swaps for average Q3’ 2014 increased by just US$ 0.08 day on day and US$ 0.68 week on week. The swap was lost U ...
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- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The University of Queensland
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Wilmar Investment Holdings
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Banpu Public Company Limited - Thailand
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Parliament of New Zealand
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