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