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