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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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Thursday, 21 March 19
PRICE PLUNGE AS CHINESE LEAVE THERMAL COAL OUT IN THE COLD - AUSTRALIAN FINANCIAL REVIEW
Thermal coal exporter New Hope Corporation says China’s shipment squeeze on Australia is putting downward pressure on prices in all markets i ...
Wednesday, 20 March 19
COAL EXPORT FEARS RESURFACE AS RESTRICTIONS HIT MORE CHINESE PORTS AND AUSTRALIAN PRICES COP A 'BELTING' - ABC
Australian thermal coal exports to China are under increasing pressure, with indications import restrictions are spreading to other key ports.
...
Monday, 18 March 19
A 56,000DWT SHIP FIXED DELIVERY FOR A SINGAPORE TRIP VIA INDONESIA, RE-DELIVERY CHINA, AT $10,000 - BALTIC BRIEFING
Capesize
The Baltic Capesize market shrugged off its recent negative sentiment to post daily incremental improvements over the last week. Pacif ...
Saturday, 16 March 19
AUSTRALIAN COAL STILL FACING CHINESE DELAY - AAP
Australian coal exports to China are still facing delays, with protectionism and environmental checks blamed for the slowdown.
Coal ...
Thursday, 14 March 19
SUPRAMAX: INDO COAL CARGOES GETTING FIXED AT AROUND US$ 12000 TO CHINA - FEARNLEYS
Capesize
Average daily earning still well below operating costs, and owners keep bleeding - but nevertheless finally some bright spots for the ...
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- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- The University of Queensland
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Wood Mackenzie - Singapore
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Directorate General of MIneral and Coal - Indonesia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- PTC India Limited - India
- Deloitte Consulting - India
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