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Tuesday, 20 March 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
 It has been a chilling start to the week for the global economy, with the vast majority of stock exchanges noting a fair drop, after a series of sell offs in the technology sector.
According to George Lazaridis, Head of Research & Valuations of Allied Shipping, at the face of it, it may well sound as if this is something restricted to an industry which is disconnected in its most part from the shipping industry. However, in part these tremors being noted in the form of price drops in equities are tied in part to the overall friction being seen in global trade. It has been just over two weeks since US President Donald Trump announced import tariffs on steel and aluminum, and the geopolitical aftershocks are still being felt. The period just after the announcement seems to be mainly characterized by a number of countries, including but not limited to Australia, the European Union and Japan, pushing to win exemptions from these newly announced tariffs. Yet, things seem to be taking a darker tone now, with a number of these countries now vowing to act through reprisal levies and tariffs on US imports.
George Lazaridis further noted that, as an overall read-through, the main note that most of us in shipping have taken is that these current tariffs have a limited direct effect on shipping markets. China, which is the leading producer of both these commodities has a minute share in the overall imports entering the US, despite the fact that the US President has focused on China in his usual populist rhetoric with regards to trade. China’s exports of steel and aluminum to the US amount to only just 0.03% of its GDP, while it only makes up around 4% of total steel imports into the US. The biggest threat has been to the US market’s main suppliers, which are the European Union, Canada, S. Korea, Mexico, Brazil and Japan, with Canada and Mexico having for the moment escaped the current levies as part of the ongoing negotiations with regards to the NAFTA trade agreement.
George Lazaridis Allied noted that, the majority of the rest seem to be taking the option of retaliatory levies quite seriously, while despite China being relatively unaffected for the time being, they have also joined in the general discussion proactively, possibly taking this opportunity to proclaim themselves as defenders of free trade.
The risk of a wider trade war sparking off does lay in the realm of possibility right now, yet even if things were to escalate to such a level, the negative effects on shipping would most likely come in the form of gradual waves. Under such a scenario we would likely see most retaliatory tariffs and levies being placed on finished final goods, possibly causing a disturbance on the containership market first and limited to mainly this sector in the initial phase. It would take a while before we would see a gradual slump emerge on the demand for raw materials, as the overall slump in global demand for finished products would slowly push purchasing managers to cut back their requirements.
This all sounds like a dire scenario indeed and most would be in angst as to the actual probability of such a series of events pulling through, especially given that we have only just started to see a favourable environment emerge in terms of global trade. The general thought and hope for the time being is that to some degree the US President will back down having been brought to his senses in a similar fashion to how back in the early 2000’s George W Bush eventually backed down on his protectionist steel-tariff plan. Lets hope things aren’t taken too far too quickly and we miss the point of no return.
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Friday, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
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- Ministry of Finance - Indonesia
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- Parliament of New Zealand
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- Timah Investasi Mineral - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
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- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Samtan Co., Ltd - South Korea
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- Edison Trading Spa - Italy
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- CNBM International Corporation - China
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- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
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- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
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- Indonesian Coal Mining Association
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- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
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- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
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- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- MS Steel International - UAE
- ICICI Bank Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
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- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
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- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
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- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- Attock Cement Pakistan Limited
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- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
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- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Indian Oil Corporation Limited
- Interocean Group of Companies - India
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- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
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- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
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