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Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
 Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in combination with the deadly dam accident in Brazil earlier this year. The latter is a serious disruption that has already had an immediate negative impact on Capesize earnings. Brazil is the world’s second largest iron ore producer country after Australia, with approx. 70% of exports going to East Asia, and most iron ore consists of the highest quality found worldwide that does not require much processing. In addition, other production sites in Brazil are now in the public eye and currently under scrutiny when it comes down to their procedures, safety protocols and infrastructure and might not be able to increase production as desired. Hence, the imminent decrease of Brazil’s output will definitely reduce ton-mile revenue for Capes. The question now is if China is able to, and if they will respond with an increase of their domestic production from their high-cost mines, which will furthermore keep Cape revenues from rebounding to previous higher observed levels.
Besides the Capesize segment, the sudden drop and the swift reversal of sentiment was observed across all major trading routes and all ship sizes. This could be due to the turbulence deriving from the US-China trade war. While many reports/forecasts have been published and a lot of opinions have been heard, the only sure thing is that it adds uncertainty to the an already worrying global economy and a puzzled (amid coming regulations) shipping ecosystem. In the beginning, when the second worldwide largest economy showed signals of slowing down and seemed unable to maintain growth figures, analysts were pointing to the trade war. Recently though, many are wondering if a Chinese structural and fundamental problem will soon surface. In my point of view, if such problem does exist, the shipping world should focus on how the Chinese administration would tackle it. The country’s administration is currently signaling potential further stimulus measures and several are debating if such a program will have a positive impact on seaborne trade and to what degree.
The very slow fresh cargo supply of the past couple of months resulted in a slowdown of SnP activity, which is down 33% ytd. However, from the start of last week a more normal flow of cargo is observed and the BDI showed signs of recovering. At the same time, comparing past week’s SnP market to the start of this month we noted fresh prospective buyers coming on-board ships, while proven buyers took the opportunity to test sellers with levels depicting current market conditions and establishing new market levels.
Whilst some owners worry that we are entering a global bear market and are skeptical if this downturn was an indicator of a more structural issue, the BDI is now on a positive trend and others believe that we are heading towards more stable days having just experienced a short parenthesis in a market that is generally moving towards a healthy recovery and in that respect they maintain their bullish views and appetite for candidates offered at levels in line with current freight rates.
By Ilias M. Lalaounis
SnP Broker
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, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Chamber of Mines of South Africa
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- PTC India Limited - India
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Neyveli Lignite Corporation Ltd, - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Riau Bara Harum - Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- CIMB Investment Bank - Malaysia
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Petron Corporation, Philippines
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