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