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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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Thursday, 05 March 20
SEABORNE COAL'S STRUGGLES IN ASIA ARE MORE THAN JUST CHINA CORONAVIRUS - REUTERS
Asia’s seaborne coal markets stumbled in February and it appears the coronavirus outbreak in China may dodge most of the blame, with the weak ...
Thursday, 05 March 20
INDONESIA'S BUKIT ASAM 2019 OUTPUT RISES 10.2% Y/Y - REUTERS
PT Bukit Asam, Indonesia’s state-owned coal miner, said on Wednesday its output in 2019 rose 10.2% to 29.1 million tonnes.
Coa ...
Thursday, 05 March 20
SEEING REMOTELY - IN SAFETY: BUREAU VERITAS PERFORMS FIRST SURVEY BY DRONE - BUREAU VERITAS
Bureau Veritas Marine & Offshore (BV), a world leader in testing, inspection and certification (TIC) services has completed its first survey by ...
Wednesday, 04 March 20
AN EPIDEMIC OF UNCERTAINTY - THE CORONAVIRUS AND FORCE MAJEURE - WFW
KNOWLEDGE TO ELEVATE
Do the effects of the coronavirus give rise to legitimate force majeure claims in connection with shipbuilding contracts ...
Wednesday, 04 March 20
CHINA IMPORTED 76.8 MLN TONNES OF CRUDE OIL FOR JANUARY & FEBRUARY 2020; UP 3.4% YOY - REFINITIV | BC
The COVID-19 crisis has been gripping China already for almost two months now. It’s having a huge negative impact on the economy, and this is ...
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- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Therma Luzon, Inc, Philippines
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
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