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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K 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 ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Bhoruka Overseas - Indonesia
- Ambuja Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- PowerSource Philippines DevCo
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Kideco Jaya Agung - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Oldendorff Carriers - Singapore
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Planning Commission, India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
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