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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, 05 April 18
INDONESIA TO POSTPONE NEW COAL, PALM OIL SHIPPING RULES TO 2020 - REUTERS
Indonesia will delay until 2020 trade rules requiring exporters of coal and crude palm oil to use only Indonesian-flagged vessels, government offic ...
Tuesday, 03 April 18
MARKET ANALYSIS - GEORGE LAZARIDIS
In the midst of a relatively quiet week for markets, with disruptions being caused by the Christian holidays, it seems as though we find ourselves ...
Monday, 02 April 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT, SAYS VISTAAR
The freight market softening to continue. Thursday, March 29, 2018, the Baltic Dry Index decreased by 42 points, reaching 1080 points.
T ...
Monday, 02 April 18
THIESS TO DELIVER $150M SENAKIN CONTRACT EXTENSION
Thiess has secured a $150 million contract extension to provide mine services at Arutmin’s Senakin coal mine in South Kalimantan, Indonesia.
...
Monday, 02 April 18
THIESS SECURES $240M SATUI EXTENSION
The successful implementation of an innovative mining plan by Thiess at the Satui coal mine in South Kalimantan, has resulted in a $240 million con ...
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- International Coal Ventures Pvt Ltd - India
- Central Electricity Authority - India
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Riau Bara Harum - Indonesia
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Indian Energy Exchange, India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
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