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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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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Parliament of New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Essar Steel Hazira Ltd - India
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Siam City Cement PLC, Thailand
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Oldendorff Carriers - Singapore
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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