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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, 26 June 18
A SHARP RISE IN THE PRICE OF CRUDE OIL WAS TO BE SEEN ON FRIDAY, ITS BIGGEST DAILY GAIN IN TWO YEARS - GEORGE LAZARIDIS
A sharp rise in the price of crude oil was to be seen on Friday, its biggest daily gain in two years, as OPEC reached a deal to raise output. Despi ...
Monday, 25 June 18
AUSTRALIA'S NEWCASTLE PORT SHIPPED 12.179 MT OF COAL IN MAY; DOWN 14.77% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,453.6 Mi ...
Monday, 25 June 18
COAL IN THE CROSSFIRE: CHINESE TRADERS WARY OF BEING BURNT BY TRADE WAR - REUTERS
At least three U.S. coal shipments on their way to China may end up casualties of the escalating trade dispute after Beijing said it would impose s ...
Saturday, 23 June 18
COAL GROUP TARGETS 9 PER CENT REVENUE SPIKE - VIET NAM NEWS
Viet Nam News reported, the Viet Nam National Coal and Mineral Industries Group (Vinacomin or TKV) is targeting VNĐ116.9 trillion (US$5.1 billion) ...
Thursday, 21 June 18
ROBUST ASIAN THERMAL COAL DEMAND CREATES OPPORTUNITIES FOR AUSTRALIA - MINERALS COUNCIL OF AUSTRALIA
Minerals Council of Australia reported, Australia’s world-class coal mining industry can create more jobs in Australia and strengthen t ...
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- Parliament of New Zealand
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Ind-Barath Power Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- London Commodity Brokers - England
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Deloitte Consulting - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- The University of Queensland
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Australian Coal Association
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Planning Commission, India
- Indika Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- White Energy Company Limited
- Heidelberg Cement - Germany
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
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