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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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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Savvy Resources Ltd - HongKong
- The Treasury - Australian Government
- Bhatia International Limited - India
- White Energy Company Limited
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Tamil Nadu electricity Board
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Aditya Birla Group - India
- Sarangani Energy Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Power Finance Corporation Ltd., India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Australian Coal Association
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