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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, 03 March 20
IMPORTANCE OF MASTER'S CARGO CHECKS - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
Adecision in recent High Court case has made it clear that there is no implied indemnity from a charterer to their counte ...
Tuesday, 03 March 20
COAL'S SHARE OF CHINA ENERGY MIX FALLS IN 2019 BUT CONSUMPTION STILL RISING - REUTERS
Coal accounted for 57.7% of China’s primary energy consumption in 2019, the National Bureau of Statistics said on Friday, down 1.5 percentage ...
Monday, 02 March 20
SHIPOWNERS AND OPERATORS COULD FACE DETENTION OF SHIPS FROM 1ST MARCH UNDER IMO RULE - ICS
Port state control authorities will begin to enforce the IMO’s Sulphur 2020 from 1st March, making it an offense for ships to carry fuel that ...
Saturday, 29 February 20
SUPRAMAX SENTIMENT WAS UP IN A FEW KEY AREAS OVER THE LAST WEEK - BALTIC BRIEFING
Capesize
The Capesize market woes related to Coronavirus have now spread through the wider global markets like wildfire. The wider supply and d ...
Thursday, 27 February 20
FOREIGN COMPANIES LIKELY TO SKIP COMMERCIAL COAL BLOCK AUCTIONS - ECONOMIC TIMES
The Centre is in the process of inviting global players for commercial mining, following 100% foreign direct investment in the sector. However, giv ...
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- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- The University of Queensland
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- GMR Energy Limited - India
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Merrill Lynch Commodities Europe
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Latin American Coal - Colombia
- Australian Coal Association
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Sical Logistics Limited - India
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Kideco Jaya Agung - Indonesia
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- VISA Power Limited - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Power Finance Corporation Ltd., India
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
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