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