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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, 22 January 19
AUSTRALIA'S YANCOAL PRODUCED 50 MMT SALEABLE COAL IN 2018 UP 59 PER CENT ON THE YEAR PRIOR, THE QUARTERLY REPORT SHOWS
According to the report, the miner's quarterly (Q4' 18) saleable coal production of 12.4 Mmt. Includes 10.5 Mmt (85 per cent) from the Comp ...
Monday, 21 January 19
KOSPO INVITING BIDS FOR 320K MT OF LOW CALORIFIC VALUE COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV low calo ...
Monday, 21 January 19
SUPRAMAX: INDONESIAN COAL RUNS, TONNAGE WAS GIVING APS DELIVERIES AND A 57,000DWT SHIP FIXED AT $7,000 FOR A TRIP TO WEST COAST INDIA - BALTIC BRIEFING
Capesize
A positive end to a week that saw rates on the West Australia/China run slip below $6.00, as charterers faced a plentiful supply ...
Monday, 21 January 19
HARD COAL WORLD TRADE IN 2018 RISES BY 3.7 PER CENT; GLOBAL HARD COAL PRODUCTION INCREASES BY 1.7 PER CENT - VDKI
Global Hard Coal Production Increases By 1.7%.
According to provisional calculations by the German Coal Importer Association (VDKi), ...
Sunday, 20 January 19
OIL MARKET REPORT: A MARATHON, NOT A SPRINT - IEA
Last month, we asked if there was a floor under prices following the signing of a new Vienna Agreement that aims to re-balance the oil market. Foll ...
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- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Mercator Lines Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- PTC India Limited - India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PowerSource Philippines DevCo
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Australian Coal Association
- Cement Manufacturers Association - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Parry Sugars Refinery, India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GVK Power & Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
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