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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, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentimen ...
Saturday, 09 February 19
SUPRAMAX: A 63,000-TONNER WAS REPORTED FIXED DELIVERY FOR AN EAST KALIMANTAN TRIP, REDELIVERY WEST COAST INDIA, AT $9,250 - THE BALTIC BRIEFING
Cape
The Vale disaster weighed heavily on the market for big ships, with uncertainty about shipments/future exports leading to a sharp drop in ...
Friday, 08 February 19
LOWER-QUALITY INDONESIA EXPORTS ROSE 39 MT IN 2018 YOY PRIMARILY IN RESPONSE TO INCREASED DEMAND FROM CHINA AND INDIA - PEABODY
"Underlying seaborne met and thermal coal conditions remain quite positive and the pace of U.S. coal-fueled power plant retirements is expecte ...
Thursday, 07 February 19
QATAR CAN GAIN FROM DECLINING COAL - THE PENINSULA
With North America and Europe closing down their old coal and nuclear plants, major gas exporters like Qatar can and should gain market share. With ...
Wednesday, 06 February 19
FEBRUARY 2019 INDONESIA'S COAL REFERENCE PRICE FELL 8.83 PERCENT YOY
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
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- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Ministry of Finance - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Planning Commission, India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bhushan Steel Limited - India
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Price Waterhouse Coopers - Russia
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
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