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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, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
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- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- MS Steel International - UAE
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhatia International Limited - India
- Aditya Birla Group - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- The Treasury - Australian Government
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Indian Energy Exchange, India
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- The University of Queensland
- Attock Cement Pakistan Limited
- Sarangani Energy Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- McConnell Dowell - Australia
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Australian Coal Association
- Binh Thuan Hamico - Vietnam
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
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