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Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
 During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest of an American pastor in Turkey. The effects of the trade war were immediate with U.S. President Tramp stating on twitter: I have just authorized a doubling of Tariffs on Steel and Aluminum with respect to Turkey as their currency, the Turkish Lira, slides rapidly downward against our very strong Dollar! Aluminum will now be 20% and Steel 50%. Our relations with Turkey are not good at this time.
This had as a consequence the fall of the Turkish Lira from 5.25 to a historical low against the U.S dollar. With the new sanctions Turkey’s President Recep Tayyip Erdogan reacted with boycotting American electronics and announced that Turkey will place a 140% tariff on U.S. alcohol, 120% on U.S. passenger vehicles and 60% on tobacco. Other products subject to new tariffs will include rice, nuts, cosmetics, uncoated paper and mechanical appliances. In addition, in order to boost its economy Turkey successfully secured a $15 billion investment from Qatar. The Qatari state announced that the money would go towards economic projects, investments and deposits.
The results of the trade war are immediate as MMK, one of Russia's largest steel producers, has postponed the launch of a lucrative project in Turkey due to the uncertainty that has been created amongst the counties. According to the news it is estimated that this investment is worth around $2 billion.
Focusing on the shipping industry, can this battle between the countries, affect the market in general? As we have already seen, a sector that is being affected from the trade war is Turkey’s demolition market. More specifically last week they were rumours that local cash buyers refused to offer for demo tonnage with the huge drop of Turkish Lira and local steel plate prices. Although there is not any official announcement that the market is closed, it is uncertain how the market will perform during the rest of the year. The possibility that many ship owners will change their decision to send their vessels for demo in Turkey is now big, while the said import tariffs could add extra pressure on the local market.
On the other open front between the U.S. and China expectations remain mixed. On one hand, positive news emerged last week in regards to the end of this trade war that pushed Asian market up, but following this news President Trump stated on an interview in Reuters that there is still "no timeframe" for such development.
All in all, 2018 is undoubtedly a good year so far for the shipping industry in most markets and everyone is expecting a strong Q4. But, as we all know to trade wars and politics greatly affect the shipping industry especially when we are referring to the strongest economies in the world. It therefore remains to be seen whether all of the above will push back the on-going recovery in a number of sectors or not.
By George Panagopoulos
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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Sakthi Sugars Limited - India
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Oldendorff Carriers - Singapore
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
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