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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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Tuesday, 24 July 18
TANKER MARKET : IN TERMS OF TRADE, THE STEPS THAT WERE SLOWLY BEING TAKEN BY OPEC AND RUSSIA - GEORGE LAZARIDIS
Despite the fact that the tanker market still seems to be in the midst of a perfect storm, there are still strong indicators that better sailing da ...
Thursday, 19 July 18
VINACOMIN PRODUCES OVER 20 MLN TONNES OF RAW COAL FROM YEAR'S START - VNA
The Vietnam National Coal and Mineral Industries Group (Vinacomin) has produced over 20 million tonnes of raw coal and 19.3 million of clean coal f ...
Wednesday, 18 July 18
INDONESIA TO AUCTION 16 MINING SITES - JP
Indonesia will soon auction 16 mining sites as no proposal submissions have been submitted by state-owned enterprises (BUMN) and regional administr ...
Wednesday, 18 July 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
The new regulations for Chinese flag restricting import of Tier I ships have dominated market sentiment during the past days as buyers have been tr ...
Thursday, 12 July 18
SUPRAMAX: INDO/CHINA COAL RV IS BEING FIXED AROUND USD 10500 BSS SINGAPORE - FEARNLEYS
Capesize
Cape market continue to be extremely volatile says Fearnleys in its latst weekly report.
The further noted that, last week ended wi ...
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- Rio Tinto Coal - Australia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Medco Energi Mining Internasional
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Kobexindo Tractors - Indoneisa
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- The University of Queensland
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Sarangani Energy Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Chettinad Cement Corporation Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- VISA Power Limited - India
- Australian Coal Association
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Chamber of Mines of South Africa
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
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