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