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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, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
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- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- South Luzon Thermal Energy Corporation
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Independent Power Producers Association of India
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Posco Energy - South Korea
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Star Paper Mills Limited - India
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- The University of Queensland
- Sical Logistics Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
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