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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- India Bulls Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
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