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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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Friday, 06 July 18
HOW FLEET SIZE, CORPORATE PROFILE AND STRATEGY ARE DECIDING FACTORS IN SELECTING AN APPROPRIATE FINANCING STRATEGY - PWC
KNOWLEDGE TO ELEVATE
The challenges that shipping companies are facing when selecting an appropriate financing strategy during the current per ...
Friday, 06 July 18
INDIA: GOVT TO RELAX CURBS ON INDIAN FIRMS CHARTERING FOREIGN SHIPS - HINDU BUSINESS LINE
The Ministry of Shipping is clearly in reform mode. On the heels of the recent relaxation of the cabotage law, which allows foreign flag vessels to ...
Friday, 06 July 18
AUSTRALIAN NEWCASTLE SPOT COAL PRICES HIT $120 FOR 1ST TIME SINCE 2012 - REUTERS
Australian thermal coal prices have broken through $120 per tonne for the first time since 2012, driven up by strong consumption in Asia and spot m ...
Thursday, 05 July 18
WHAT THE FAILED GLENCORE-TOHOKU COAL TALKS MEAN FOR THE MARKET - REUTERS
Electric utilities in Japan and other Asian countries are driving blind when it comes to coal prices after the failure of Japan’s Tohoku Elec ...
Thursday, 05 July 18
INDONESIAN COAL PRICE REFERENCE HITS 74 MONTHS HIGH OF $104.65 A TON
COALspot.com: HBA keeps rising. According to latest ministerial decree No.1892 K/30/MEM/2018 dated 2 July 2018, the Indonesian Coal Price Reference ...
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- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Planning Commission, India
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Marubeni Corporation - India
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- White Energy Company Limited
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Finance - Indonesia
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
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