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