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Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third quarter and will probably prove right those market specialists that predicted that tanker rates would be soaring coming into 2020 with the “IMO effect” ready to kick in.
The million dollar question is if this firm market recovery (both in asset prices as well as freight rates) is the beginning of a new cycle. What definitely helped boost earnings was the recent sanctions imposed by the USA to the Chinese Cosco tanker fleet that abruptly removed a significant amount of ships from the market and inevitably pushed the market to the recent highs. COSCO Dalian and its subsidiaries own 43 oil tankers, including 26 very large crude carriers (VLCCs) which consist over 3% of the VLCC fleet.
Despite the sanctions, the fundamental drive in this increase is still the coming IMO regulations that as many analysts predicted triggered an incremental move of cargoes from the desulphurization units towards major bunkering areas. Opportunities for profit were also created for traders finding market imbalances deriving from the shock of new regulations and the need to create a “new” mainstream fuel. It therefore seems that what we have been witnessing is not just a short lived spike but the start of the “IMO story”, which will be in full effect the first half of 2020.
On the Dry market, the BDI has been extremely volatile throughout the year, shifting sentiment several times as a result. The year kicked in with a steep decline amidst fears of the US-China trade talks, the Vale dam disaster and seasonal Chinese New Year celebrations declines.
Most feared 2019 could be a repeat of the lows observed back in 2016, while during Q1 we observed an SNP drought with only 103 bulk carriers changing hands. However, during the second quarter the market stabilized and increased steadily along with the feeling that the worst part of the year was already over and hopes for a rebound came along, with SNP transactions increasing to 137. The third quarter was overwhelming; freight rates increased rapidly and helped most companies return to the black, while more ships changed hands and transactions totaled 166. So when the last quarter begun, sentiment was firm and freights were high, while the majority of the industry was prepared for a very strong finish to the year.
To the surprise of most, the positive sentiment that prevailed during the past summer is currently questioned by the performance of the BDI and uncertainty over the new regulations has become a growing concern for dry bulk owners. Consequently, one would expect transactions to decline. However, SNP activity remained strong, with more than 85 transactions already confirmed half way into this quarter, while the majority of them was concluded to Greek owners, which itself constitutes a vote of confidence on an imminent rebound of the market sooner rather than later.
By Ilias M. Lalaounis
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.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, 10 March 20
CHINA'S COAL-RICH PROVINCE ENSURES ENERGY SUPPLY AMID EPIDEMIC - XINHUA
China’s coal-rich province of Shanxi has seen more than 500 coal mines resume production in February, which ensured energy supply amid the ou ...
Monday, 09 March 20
OPEC+ 'NO DEAL' A BLOW TO THE MARKET - WOOD MACKENZIE
Speaking after today’s OPEC+ meeting broke up, Ann-Louise Hittle, vice president, Macro Oils, at Wood Mackenzie, said: “Today’s o ...
Monday, 09 March 20
KOREA EAST-WEST POWER INVITED BIDS FOR 150,000 MT OF MIN 4,400 - MAX 5,499 NAR COAL
COALspot.com: KOREA EAST-WEST POWER CO. LTD. of South Korea has issued an international tender for total 150,000 MT of LCV coal for May – Jun ...
Sunday, 08 March 20
SUPRAMAX: A 55,000DWT VESSEL FIXING DELIVERY FROM EAST KALIMANTAN FOR A TRIP TO VIETNAM AT $9,100 - BALTIC BRIEFING
SUPRAMAX/ULTRAMAX - A 56,000DWT VESSEL FIXED DELIVERY SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY EAST COAST INDIA, IN THE $6,000S
SUPRAMAX/U ...
Friday, 06 March 20
CHINA RESUMES 83.4 PCT COAL PRODUCTION CAPACITY AMID EPIDEMIC - XINHUA
China has resumed 83.4 percent of its coal production capacity amid the fight against the novel coronavirus outbreak, the National Energy Administr ...
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- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Posco Energy - South Korea
- Alfred C Toepfer International GmbH - Germany
- Sakthi Sugars Limited - India
- The University of Queensland
- Kartika Selabumi Mining - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Commonwealth Bank - Australia
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- Australian Coal Association
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Edison Trading Spa - Italy
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Global Coal Blending Company Limited - Australia
- Mintek Dendrill Indonesia
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
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