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