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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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Wednesday, 11 April 18
CHINA UTILITIES PLAN NEW COAL IMPORT PRICE INDEX TO CURB VOLATILITY - REUTERS
China’s major utilities are preparing to launch their own coal price index for imports, an official at China Huaneng Group said, in a move th ...
Wednesday, 11 April 18
US-CHINA TARIFF THREATS RAISE GLOBAL TRADE RISKS - FITCH
Escalating tariff proposals by the U.S. and Chinese governments are increasing the risks of a full-blown trade war, says Fitch Ratings. The most li ...
Tuesday, 10 April 18
BUMA GRANTED ADDITIONAL LOAN FACILITY FROM BTMU TO SUPPORT GROWTH
Press Release: PT Delta Dunia Makmur Tbk. is pleased to announce that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), signed an a ...
Monday, 09 April 18
APRIL INDONESIAN COAL PRICE REFERENCE DROPS TO LOWEST IN 2018
COALspot.com: According to latest ministerial decree, the Indonesian Coal Price Reference (HBA) decline 6.98 per cent in April 2018 compared to Mar ...
Friday, 06 April 18
TOP MINER BHP QUITS WORLD COAL ASSOCIATION OVER CLIMATE CLASH - BLOOMBERG
BHP Billiton Ltd. has severed ties with the World Coal Association over a clash of views on how to combat climate change, with the mining giant say ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- London Commodity Brokers - England
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Ministry of Transport, Egypt
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- GMR Energy Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- PowerSource Philippines DevCo
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