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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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- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Carbofer General Trading SA - India
- Australian Coal Association
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Tamil Nadu electricity Board
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Metalloyd Limited - United Kingdom
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Bhatia International Limited - India
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Parliament of New Zealand
- Georgia Ports Authority, United States
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
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