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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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Saturday, 15 February 20
CHEN ZHIDA: NOVEL CORONAVIRUS - IMPLICATIONS FOR CHARTERPARTIES - SHIPOWNERS' CLUB
KNOWLEDGE TO ELEVATE
Last month, the Club issued a bulletin on the 2019 Novel Coronavirus (COVID-19) which explained the origin of the virus a ...
Saturday, 15 February 20
AFRAMAX: A MORE POSITIVE ATTITUDE EXISTED IN THIS SECTOR WITH RATES IMPROVING ON ALL ROUTES - BALTIC BRIEFING
VLCC
The market in the Middle East was unmoved this week, with Chinese refiners continuing to slow imports, allied with the impact of the Coron ...
Saturday, 15 February 20
A 56,000DWT VESSEL WAS CONCLUDED BASIS DELIVERY SINGAPORE VIA INDONESIA REDELIVERY CHINA IN THE LOW $6,000S - BALTIC BRIEFING
Capesize
Riding the downward momentum of the previous week, the market was always going to be hard pressed to make any sort of revival. With mu ...
Saturday, 15 February 20
U.S. COAL PRODUCTION WILL TOTAL 595 MMST IN 2020, DOWN 14% FROM 2019 - EIA
EIA forecasts that U.S. coal production will total 595 million short tons (MMst) in 2020, down 95 MMst (14%) from 2019.
Lower ...
Friday, 14 February 20
WHY THE WORLD ECONOMY WILL BE FACING CHINA'S CORONAVIRUS FOR A LONG TIME - CNBC
Everywhere we look we see the headlines and commentators talking about the coronavirus and its impact on tourism, trade and investment between Chin ...
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- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- MS Steel International - UAE
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- AsiaOL BioFuels Corp., Philippines
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Eastern Coal Council - USA
- VISA Power Limited - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
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