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