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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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Thursday, 17 January 19
EIA ESTIMATES THAT U.S. COAL EXPORTS WERE 116 MMST IN 2018, 20% HIGHER THAN THE AMOUNT EXPORTED IN 2017
Coal Supply
EIA estimates that coal production declined by 20 million short tons (MMst) (3%) in 2018, despite a 19 MMst increase in U.S. coal e ...
Thursday, 17 January 19
U.S COAL OUTPUT IS EXPECTED TO FALL BY 3 PER CENT IN 2019 - EIA
EIA forecasts that U.S. coal production will total 729 million short tons (MMst) in 2019, down by 25 MMst (3%) from 2018.
Acco ...
Wednesday, 16 January 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we go through the first days of the year and just a few weeks before the Chinese New Year, the ship repair sector is witnessing a big difference ...
Monday, 14 January 19
KOREA SOUTHERN POWER INVITES BIDS FOR 320,000 MT OF MIN 3,800 NCV COAL
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 3,800 kcal/kg NCV coal for ...
Friday, 11 January 19
SUPRAMAX: THE ASIAN ARENA HAD A MIXED START; LIMITED ACTION IN SOUTHEAST ASIA - THE BALTIC BRIEFING
Capesize
Dashed hopes summed up the first full week of the New Year. A slow start followed by a busy 24 hours of improving rates and a firming ...
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- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Gujarat Sidhee Cement - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Petron Corporation, Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Australian Coal Association
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Indika Energy - Indonesia
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Parliament of New Zealand
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Toyota Tsusho Corporation, Japan
- Thai Mozambique Logistica
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