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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Australian Coal Association
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- The University of Queensland
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Kalimantan Lumbung Energi - Indonesia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Larsen & Toubro Limited - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- PTC India Limited - India
- Ministry of Mines - Canada
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Parry Sugars Refinery, India
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
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