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