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Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third quarter and will probably prove right those market specialists that predicted that tanker rates would be soaring coming into 2020 with the “IMO effect” ready to kick in.
The million dollar question is if this firm market recovery (both in asset prices as well as freight rates) is the beginning of a new cycle. What definitely helped boost earnings was the recent sanctions imposed by the USA to the Chinese Cosco tanker fleet that abruptly removed a significant amount of ships from the market and inevitably pushed the market to the recent highs. COSCO Dalian and its subsidiaries own 43 oil tankers, including 26 very large crude carriers (VLCCs) which consist over 3% of the VLCC fleet.
Despite the sanctions, the fundamental drive in this increase is still the coming IMO regulations that as many analysts predicted triggered an incremental move of cargoes from the desulphurization units towards major bunkering areas. Opportunities for profit were also created for traders finding market imbalances deriving from the shock of new regulations and the need to create a “new” mainstream fuel. It therefore seems that what we have been witnessing is not just a short lived spike but the start of the “IMO story”, which will be in full effect the first half of 2020.
On the Dry market, the BDI has been extremely volatile throughout the year, shifting sentiment several times as a result. The year kicked in with a steep decline amidst fears of the US-China trade talks, the Vale dam disaster and seasonal Chinese New Year celebrations declines.
Most feared 2019 could be a repeat of the lows observed back in 2016, while during Q1 we observed an SNP drought with only 103 bulk carriers changing hands. However, during the second quarter the market stabilized and increased steadily along with the feeling that the worst part of the year was already over and hopes for a rebound came along, with SNP transactions increasing to 137. The third quarter was overwhelming; freight rates increased rapidly and helped most companies return to the black, while more ships changed hands and transactions totaled 166. So when the last quarter begun, sentiment was firm and freights were high, while the majority of the industry was prepared for a very strong finish to the year.
To the surprise of most, the positive sentiment that prevailed during the past summer is currently questioned by the performance of the BDI and uncertainty over the new regulations has become a growing concern for dry bulk owners. Consequently, one would expect transactions to decline. However, SNP activity remained strong, with more than 85 transactions already confirmed half way into this quarter, while the majority of them was concluded to Greek owners, which itself constitutes a vote of confidence on an imminent rebound of the market sooner rather than later.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- The University of Queensland
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Salva Resources Pvt Ltd - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
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