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