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Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
 During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest of an American pastor in Turkey. The effects of the trade war were immediate with U.S. President Tramp stating on twitter: I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time.
This had as a consequence the fall of the Turkish Lira from 5.25 to a historical low against the U.S dollar. With the new sanctions Turkey’s President Recep Tayyip Erdogan reacted with boycotting American electronics and announced that Turkey will place a 140% tariff on U.S. alcohol, 120% on U.S. passenger vehicles and 60% on tobacco. Other products subject to new tariffs will include rice, nuts, cosmetics, uncoated paper and mechanical appliances. In addition, in order to boost its economy Turkey successfully secured a $15 billion investment from Qatar. The Qatari state announced that the money would go towards economic projects, investments and deposits.
The results of the trade war are immediate as MMK, one of Russia's largest steel producers, has postponed the launch of a lucrative project in Turkey due to the uncertainty that has been created amongst the counties. According to the news it is estimated that this investment is worth around $2 billion.
Focusing on the shipping industry, can this battle between the countries, affect the market in general? As we have already seen, a sector that is being affected from the trade war is Turkey’s demolition market. More specifically last week they were rumours that local cash buyers refused to offer for demo tonnage with the huge drop of Turkish Lira and local steel plate prices. Although there is not any official announcement that the market is closed, it is uncertain how the market will perform during the rest of the year. The possibility that many ship owners will change their decision to send their vessels for demo in Turkey is now big, while the said import tariffs could add extra pressure on the local market.
On the other open front between the U.S. and China expectations remain mixed. On one hand, positive news emerged last week in regards to the end of this trade war that pushed Asian market up, but following this news President Trump stated on an interview in Reuters that there is still "no timeframe" for such development.
All in all, 2018 is undoubtedly a good year so far for the shipping industry in most markets and everyone is expecting a strong Q4. But, as we all know to trade wars and politics greatly affect the shipping industry especially when we are referring to the strongest economies in the world. It therefore remains to be seen whether all of the above will push back the on-going recovery in a number of sectors or not.
By George Panagopoulos
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Kartika Selabumi Mining - Indonesia
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- VISA Power Limited - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Aditya Birla Group - India
- ASAPP Information Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Thai Mozambique Logistica
- Planning Commission, India
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
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