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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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Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cate ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- South Luzon Thermal Energy Corporation
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Petrochimia International Co. Ltd.- Taiwan
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
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