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Wednesday, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
 Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Iranian oil to continue their imports. China is the world's No1 oil importer and a major buyer of Iranian Oil. The May 1 deadline coincided with the US trade representatives traveling to Beijing and while in April Trump was tweeting that whilst there are still differences, the two sides are closer to a trade deal; the move of eliminating the waivers could be linked to the trade talks and most probably even served as an irritant between Beijing and Washington. Making China's energy imports challenging and subject to U.S. Jurisdiction is not something that can be easily digested and its timing is rather unusual, in one of the supposed final rounds of trade negotiations.
So, right when everybody thought that the trade war might be winding down, the trade frictions have suddenly worsened last week when Trump vented about China renegotiating agreed positions, and announced a 25% tariff on $200b worth of Chinese products. Additionally the US administration said it will impose 25% tariff on all remaining imports from China, $300b, or so.
China has retaliated by announcing that they will increase the tariffs on about $60b in U.S. exports, including hundreds of agricultural, mining, and manufactured products, threatening jobs and profits at companies in and around the United States. The Chinese tariffs of 25% will fall mostly on products that China has a surplus or self-reliance, such as steel, chemicals or textiles while goods that they don't produce will be taxed with 5%.
China depends on the U.S. mostly for high-end products, such as electronics, machinery, precision equipment, aircraft and parts, vehicles and parts, and oil and gas and the Chinese government looks like they have handpicked the goods where the tax will be increased to 25%. One U.S. industry that will be heavily affected is the LNG exports which will face a 25% tariff. LNG shipping firms have also seen their share prices dip. While China, who is already the second largest importer of LNG, will increase their LNG imports by 50% by 2025, the price will be the most decisive factors for the amount and origin of imports. This will only become more important with the startup of the gas pipeline between China and Russia. President Trump knows that and has pushed China to sign deals to import LNG.
The next few weeks will be critical. The worst case - no deal – scenario, or even if coming to an agreement gets anywhere close to 2020, will be a game changer. Tariffs on all trades between US and China plus other administrative actions will lead to a slowdown in investment, rising costs and business uncertainty that will probably lead in a recession in the US and given the weakness in the European economy, Europe would suffer as well with the negative effects spreading across other economies eventually.
On the other hand, negotiations have come a long way. President Trump and Chinese president Xi Jinping will attend the G20 meetings in Osaka at the end of June, so there is hope that the two sides will make amends by then. The challenges to a trade deal would probably grow if the two administrations can’t reach an agreement, so most probably things will get worse before they get better.
By Theodore Ntalakos
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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Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- VISA Power Limited - India
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Parry Sugars Refinery, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Orica Mining Services - Indonesia
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
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