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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, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
Saturday, 30 March 19
KOEN INVITES BIDS FOR 450,000 TONS OF (SUB) BITUMINOUS COAL FOR H1 AND JUNE 2019
South Korea state-owned utility KOREA SOUTH-EAST POWER CO., LTD. (KOEN) issued a tender for total 450,000 MT of min. 4300, 3500 and 5600 NCV ...
Wednesday, 27 March 19
SHIPPING MARKET INSIGHT - INTERMODAL
Contrary to the December 2018 forecasts but in line with the expectations of the dry bulk market, the first quarter of the year closed negatively. ...
Saturday, 23 March 19
IT WAS A POSITIVE WEEK FOR THE HANDY SIZE MARKET - BALTIC BRIEFING
Capesize
The big ships endured heavy losses last week extinguishing any hopes from the recent minor rally. Negative sentiment gained pace throu ...
Friday, 22 March 19
CHINA MARKET: COAL OUT IN THE COLD - BUSINESS RECORDER
Though China maintains there is no ban, China-bound Australian coal shipments are looking for a new home. For the past few months, coal cargoes are ...
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- Edison Trading Spa - Italy
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kobexindo Tractors - Indoneisa
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- The University of Queensland
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
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