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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Thiess Contractors Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- MS Steel International - UAE
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Aboitiz Power Corporation - Philippines
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- The University of Queensland
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Coal and Oil Company - UAE
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
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