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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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Monday, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
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- Australian Coal Association
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Bukit Makmur.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Planning Commission, India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- The University of Queensland
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Oldendorff Carriers - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- PTC India Limited - India
- Bhushan Steel Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Indika Energy - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
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