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