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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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Thursday, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
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- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- ASAPP Information Group - India
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Videocon Industries ltd - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Rio Tinto Coal - Australia
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
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