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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 February 19
THE BDI HAS EASED BACK TO 645 BP, ITS LOWEST LEVEL SINCE AUGUST 2016 - ALLIED
The dry bulk sector is in the doldrums, with most market participants seemingly left utterly perplexed, and simultaneously, in pursuit of any posit ...
Monday, 04 February 19
COAL STILL IN HIGH DEMAND GLOBALLY
Although the world is switching to renewable energy there is still a big demand for coal around the globe.
This is according to Cany ...
Friday, 01 February 19
ULTRAMAX WAS FIXED DELIVERY KALIMANTAN, FOR TRIP TO WEST COAST INDIA AT $7,000 - BALTIC BRIEFING
Capesize
The Vale dam tragedy sparked a sharp fall in rates across all regions even where tonnage remained tight. The potential loss of product ...
Friday, 01 February 19
SEMBCORP SELECTS NORDEN FOR LONG-TERM INDIAN CONTRACT
NORDEN A/S has signed a 10-year Panamax Contract of Affreightment (COA) with Indian utility firm Sembcorp Energy India Ltd.
From 1 A ...
Tuesday, 29 January 19
HARD COAL BEARS THE BRUNT OF THE RECOMMENDATIONS OF THE COMMISSION GROWTH STRUCTURAL CHANGE AND EMPLOYMENT - VDKI
Press Release: Hard coal bears the brunt of the recommendations of the Commission Growth Structural change and employment.
In its fi ...
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- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- ASAPP Information Group - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Medco Energi Mining Internasional
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Therma Luzon, Inc, Philippines
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Electricity Authority - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Coal Council - USA
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Altura Mining Limited, Indonesia
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Planning Commission, India
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