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