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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, 10 January 19
BUNKER DELIVERY NOTE AMENDMENTS ENTER INTO FORCE AS SULPHUR 2020 REQUIREMENT LOOMS - IMO
KNOWLEDGE TO ELEVATE
Amendments to the bunker delivery note relating to the supply of marine fuel oil to ships which have fitted alternative m ...
Thursday, 10 January 19
WORLD TRADE IN THERMAL COAL IS ESTIMATED TO HAVE GROWN BY 1.0 PER CENT IN 2018 - DEPARTMENT OF INDUSTRY, AUSTRALIA
World Trade
World trade in thermal coal is estimated to have grown by 1.0 per cent to 1.1 billion tonnes in 2018 but it is expected to decline ...
Thursday, 10 January 19
PAKISTAN'S COAL IMPORTS TO SURGE TO 30 MILLION TONS PER ANNUM BY 2020 - CEO, PIB
Pakistan’s coal imports are estimated to surge to 30 million tons/annum from existing 20 million tons/annum by the year 2020, given the plann ...
Wednesday, 09 January 19
PANAMAX: THE PACIFIC SAW RELATIVELY GOOD DEMAND PARTICULARLY FROM INDONESIA AND NOPAC - BALTIC BRIEFING
Capesize
It was an active start to the New Year, with trading from West Australia maintaining momentum during the holiday period. Rates for Chi ...
Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resemble ...
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- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Posco Energy - South Korea
- London Commodity Brokers - England
- Planning Commission, India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- The University of Queensland
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
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