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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, 18 February 20
ADARO REMAINS POSITIVE ON THE LONG-TERM FUNDAMENTALS OF COAL MARKET SUPPORTED BY THE SOUTHEAST ASIA AND SOUTH ASIA REGION
The global seaborne thermal coal market in 2019 was faced with macro and industry challenges which pushed international coa ...
Tuesday, 18 February 20
CORONAVIRUS AND ITS IMPACT ON YOUR CONTRACT - CAN YOU RELY ON 'FORCE MAJEURE'? - INCE
KNOWLEDGE TO ELEVATE
On 30 January 2020, the World Health Organization (WHO) declared that the outbreak of the Novel Coronavirus (officially t ...
Monday, 17 February 20
IMO-2020 SULPHUR CAP - ISSUES TO CONSIDER PRIOR TO THE IMPLEMENTATION OF THE CARRIAGE BAN ON 1 MARCH 2020 - STANDARD CLUB
With the IMO 2020 global sulphur cap now in force, members should bear in mind another significant date in relation to the ‘carriage ban&rsqu ...
Monday, 17 February 20
COVID-19: THE EFFECT OF THIS PUBLIC HEALTH EMERGENCY ON CHARTERPARTY TERMS - GARD
KNOWLEDGE TO ELEVATE
Is it useful to compare the COVID-19 with earlier disease outbreaks?
A comparison with the Ebola outbreak ...
Saturday, 15 February 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - REUTERS
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Star Paper Mills Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- The University of Queensland
- Agrawal Coal Company - India
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Intertek Mineral Services - Indonesia
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Planning Commission, India
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Rio Tinto Coal - Australia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- White Energy Company Limited
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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