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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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- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Energy Development Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Grasim Industreis Ltd - India
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Intertek Mineral Services - Indonesia
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Australian Commodity Traders Exchange
- Australian Coal Association
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Madhucon Powers Ltd - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- Planning Commission, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Indogreen Group - Indonesia
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