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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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Monday, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- The Treasury - Australian Government
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Planning Commission, India
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Indika Energy - Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Global Coal Blending Company Limited - Australia
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Attock Cement Pakistan Limited
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- ASAPP Information Group - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
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