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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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Monday, 11 June 18
AUSTRALIAN COAL PRICES HIT 6-YEAR HIGH AS ASIA DEMAND SPIKES - REUTERS
Australian thermal coal prices have risen to their highest level since 2012 as hot weather across North Asia spurs buying ahead of the peak summer ...
Monday, 11 June 18
ANALYSING A NEW AGE OF AUTONOMOUS VESSELS - IMO
The International Maritime Organization answers the questions of Government Europa on how the next generation of autonomous vessels can be regulate ...
Friday, 08 June 18
AUSTRALIAN THERMAL COAL PRICES SURGE AS ASIA DEMAND HEATS UP - REUTERS
Australian thermal coal prices have hit their highest level since late 2016 as the market heats up on strong demand across North Asia and China in ...
Wednesday, 06 June 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
As observed last month the price of oil hit its highest level since November 2014 reaching $80 per barrel. Global oil demand growth for 2018 was sl ...
Tuesday, 05 June 18
SOUTH KOREA'S SULPHUR CAP ALTERS ASIAN COAL MARKET DYNAMICS: RUSSELL
South Korea’s imposition of a strict sulphur cap on its imported coal is likely to cause ripples across Asia’s markets for the pollutin ...
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- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Economic Council, Georgia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Samtan Co., Ltd - South Korea
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Deloitte Consulting - India
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