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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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Tuesday, 20 March 18
TRAFIGURA GROUP PTE LTD SIGNS RECORD US$5.725 BILLION EUROPEAN MULTICURRENCY SYNDICATED REVOLVING CREDIT FACILITIES AND JPY72.64 BILLION DENOMINATED THREE YEAR TERM LOAN
Press Release: Trafigura Group Pte Ltd. (“Trafigura” or the “Company”), a market leader in the global commodities industry, ...
Monday, 19 March 18
PANAMAX: DESPITE FEWER REPORTED PERIOD TRADES THIS WEEK, RATE LEVELS HAVE REMAINED SOLID - BALTIC BRIEFING
Capesize
There were finally reports of increased Brazil activity, but still largely unconfirmed. Vale reportedly took six ships Thursday for 5 Ap ...
Friday, 16 March 18
WEEKLY US COAL PRODUCTION DROPS 1.9 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.8 million short tons ...
Friday, 16 March 18
INDONESIA COAL PRICE CAP POSES LIMITED RISKS TO PRODUCERS : FITCH
Indonesia’s cap on the benchmark price of coal sold to the domestic electricity sector is unlikely to have a significant impact on the credit ...
Thursday, 15 March 18
SUPRAMAX: INDO TO CHINA COAL ROUNDS ARE PAYING IN THE LOW $13K TO S. CHINA AND HIGH $13K TO NORTH IN CHINA
Supramax
More activity from USG , front hauls to Far East have settled around $25000, and to Cont around $20000. Stable gain again in Black Sea w ...
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- Ministry of Transport, Egypt
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- The University of Queensland
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- CIMB Investment Bank - Malaysia
- Price Waterhouse Coopers - Russia
- ASAPP Information Group - India
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Antam Resourcindo - Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Planning Commission, India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Energy Development Corp, Philippines
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
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