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Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
 Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in combination with the deadly dam accident in Brazil earlier this year. The latter is a serious disruption that has already had an immediate negative impact on Capesize earnings. Brazil is the world’s second largest iron ore producer country after Australia, with approx. 70% of exports going to East Asia, and most iron ore consists of the highest quality found worldwide that does not require much processing. In addition, other production sites in Brazil are now in the public eye and currently under scrutiny when it comes down to their procedures, safety protocols and infrastructure and might not be able to increase production as desired. Hence, the imminent decrease of Brazil’s output will definitely reduce ton-mile revenue for Capes. The question now is if China is able to, and if they will respond with an increase of their domestic production from their high-cost mines, which will furthermore keep Cape revenues from rebounding to previous higher observed levels.
Besides the Capesize segment, the sudden drop and the swift reversal of sentiment was observed across all major trading routes and all ship sizes. This could be due to the turbulence deriving from the US-China trade war. While many reports/forecasts have been published and a lot of opinions have been heard, the only sure thing is that it adds uncertainty to the an already worrying global economy and a puzzled (amid coming regulations) shipping ecosystem. In the beginning, when the second worldwide largest economy showed signals of slowing down and seemed unable to maintain growth figures, analysts were pointing to the trade war. Recently though, many are wondering if a Chinese structural and fundamental problem will soon surface. In my point of view, if such problem does exist, the shipping world should focus on how the Chinese administration would tackle it. The country’s administration is currently signaling potential further stimulus measures and several are debating if such a program will have a positive impact on seaborne trade and to what degree.
The very slow fresh cargo supply of the past couple of months resulted in a slowdown of SnP activity, which is down 33% ytd. However, from the start of last week a more normal flow of cargo is observed and the BDI showed signs of recovering. At the same time, comparing past week’s SnP market to the start of this month we noted fresh prospective buyers coming on-board ships, while proven buyers took the opportunity to test sellers with levels depicting current market conditions and establishing new market levels.
Whilst some owners worry that we are entering a global bear market and are skeptical if this downturn was an indicator of a more structural issue, the BDI is now on a positive trend and others believe that we are heading towards more stable days having just experienced a short parenthesis in a market that is generally moving towards a healthy recovery and in that respect they maintain their bullish views and appetite for candidates offered at levels in line with current freight rates.
By Ilias M. Lalaounis
SnP Broker
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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Wednesday, 17 April 19
ONCE AGAIN WE FACED WITH THE SITUATION OF THE DRY BALTIC INDEX BEING BELOW 1,000 POINTS - INTERMODAL
Once again we are faced with the situation of the Dry Baltic Index being below 1,000 points. In a market where the feeling of insecurity is almost ...
Wednesday, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Asmin Koalindo Tuhup - Indonesia
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- MS Steel International - UAE
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Anglo American - United Kingdom
- PowerSource Philippines DevCo
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
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