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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, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Marubeni Corporation - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Sarangani Energy Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Planning Commission, India
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Latin American Coal - Colombia
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Australian Coal Association
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- GMR Energy Limited - India
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
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