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