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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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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- The University of Queensland
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Renaissance Capital - South Africa
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Thiess Contractors Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining and Power Corporation, Philippines
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Makarim & Taira - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- White Energy Company Limited
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Interocean Group of Companies - India
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