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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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Wednesday, 06 March 19
KOREA SOUTHERN POWER CO INVITES BIDS FOR 980,000 MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Wednesday, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
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- Bhatia International Limited - India
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Maheswari Brothers Coal Limited - India
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- The University of Queensland
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Bukit Makmur.PT - Indonesia
- Petron Corporation, Philippines
- VISA Power Limited - India
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
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