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