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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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Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Baramulti Group, Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- The University of Queensland
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- White Energy Company Limited
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Minerals Council of Australia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- Orica Australia Pty. Ltd.
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- MS Steel International - UAE
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Medco Energi Mining Internasional
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
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