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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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Wednesday, 04 July 18
TANKER MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2 years tanker briefing in tanker asset prices
The tanker market is undoubtedly passing one of its’ roughest times over the la ...
Tuesday, 03 July 18
COAL, THE SECOND MAIN COMMODITY FOR CAPES, HAS BEEN SHOWING A REMARKABLE RISE IN TRADE VOLUMES IN THE YEAR SO FAR - THOMAS CHASAPIS
Having reached the mid-point in the year, it seems to be a good time to summarize the overall trends noted in the Dry Bulk sector and more specific ...
Tuesday, 03 July 18
SUPRAMAX: A 56,000-DWT WAS FIXED BASIS DELIVERY SINGAPORE TRIP VIA INDONESIA, REDELIVERY CHINA, AT $12,100 - BALTIC BRIEFING
Capesize
The market generally drifted and by mid-week dropped to what some felt was an artificially low level, only to bounce back at the end o ...
Tuesday, 03 July 18
COAL OVERTAKES IRON ORE IN GOVERNMENT FORECASTS AS AUSTRALIA'S LARGEST EXPORT FOR 2018-19 - MINERALS COUNCIL OF AUSTRALIA
Coal is forecast to be Australia’s largest export earner at $58.1 billion in 2018-19 with iron ore exports forecast to earn $57.7 billion in ...
Monday, 02 July 18
THIESS SECURES NEW QCOAL NORTHERN HUB $480M CONTRACT
Thiess has been awarded a new A$480 million contract by QCoal to continue operations at the QCoal Northern Hub located in Queensland’s Bowen ...
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- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Planning Commission, India
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Parliament of New Zealand
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercator Lines Limited - India
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
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