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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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Wednesday, 10 April 19
KOSPO INVITED BIDS FOR 160K MT OF MIN. 3700 NCV COAL FOR JUNE LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 160,000 MT of min. 3,800 Kcal/kg ~max.4,100 ...
Wednesday, 10 April 19
CHINA'S GROWING THERMAL COAL SUPPLY TO PRESSURE EXPORTERS - FITCH RATINGS
Growing Chinese thermal coal supply is likely to lead to further tightening of import controls by the government, putting pressure on seaborne coal ...
Wednesday, 10 April 19
SHIPPING MARKET INSIGHT - INTERMODAL
The tragedy in Brazil’s Vale Brumadinho where a tailings dam collapsed in January ranks among the world’s worst mining disasters. It co ...
Monday, 08 April 19
5TH INDIA NUCLEAR NEW BUILD CONGRESS 2019
5th India Nuclear New Build Congress 2019
The congress in Mumbai aims to bring together representatives from governments, regulators ...
Monday, 08 April 19
THERMAL COAL PRICES FALL, INDIAN POWER PLANTS TO SEE LIMITED GAINS - BUSINESS STANDARD
Thermal coal prices are on a downward spiral globally. Australian coal prices have fallen nearly 20 per cent in the past week, and 40 per cent from ...
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- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Aditya Birla Group - India
- Parliament of New Zealand
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- The University of Queensland
- VISA Power Limited - India
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Planning Commission, India
- Minerals Council of Australia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Xindia Steels Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Essar Steel Hazira Ltd - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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