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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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Thursday, 21 June 18
CHINESE REDUCED COAL IMPORT RESTRICTIONS - CAIXIN GLOBAL
Caixin Global reported that the Chinese government has reduced restrictions on coal imports at the nation’s major ports in response to concer ...
Thursday, 21 June 18
INDIAN GOVERNMENT ADMITS COAL SHORTAGE, ASKS DISCOMS TO IMPORT - TIMES OF INDIA
Times of India reported that the power ministry has advised all state governments and private power distribution companies to import coal as Coal I ...
Tuesday, 19 June 18
WCA RESPONDS TO BP STATISTICAL REVIEW OF WORLD ENERGY 2018
Responding to BP’s Statistical Review of World Energy 2018, Benjamin Sporton, Chief Executive of the World Coal Association (WCA) said, &ldqu ...
Wednesday, 13 June 18
U.S. COAL PRODUCTION TO DECLINE BY 2% TO 756 MILLION SHORT TONS MMST IN 2018 - EIA
EIA forecasts U.S. coal production to decline by 2% to 756 million short tons (MMst) in 2018.
According to EIA's Short-Term Ener ...
Wednesday, 13 June 18
SHIPPING MARKET INSIGHT - SOPHIE COTZIAS
2018 marks quite a few milestones for Greek Shipping. No need to detail again the greatness of Greek Shipping or the singular position that Greek s ...
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- Dalmia Cement Bharat India
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Economic Council, Georgia
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- PTC India Limited - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Mercuria Energy - Indonesia
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Minerals Council of Australia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Kobexindo Tractors - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Interocean Group of Companies - India
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