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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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Friday, 14 February 20
KOWEPO INVITED BIDS FOR 1.275 MILLION TONS OF MIN. 5,600 NCV COAL
COALspot.com: Korea Western Power Co. Ltd (KOWEPO). as a representative of five Korean Gencos has issued an international tender for total 1,275,00 ...
Friday, 14 February 20
IS THE US COAL INDUSTRY COMPLETELY BURNED OUT? -FORBES
This is the fourth of a multi-part series on the state of the main sources of energy in the US and how they compare globally. The series will cover ...
Friday, 14 February 20
FITCH RTGS: GLOBAL PORTS VULNERABLE TO CORONAVIRUS - RELATED VOLUME DECLINES
Global ports will see reduced trade volumes as a result of the coronavirus, COVID-19, which would become more severe should Chinese production take ...
Thursday, 13 February 20
INDIA: MAJOR PORTS SHOW MUTED GROWTH IN CARGO AS THERMAL COAL VOLUME SLIDES 15% - BUSINESS STANDARD
A sharp slide of 15 per cent in thermal coal volumes weighed on the performance of major ports during the period of April-January of FY20. The majo ...
Wednesday, 12 February 20
REFINING SET FOR A CHALLENGING 2020 - WOOD MACKENZIE
Downstream isn’t the glamorous end of the oil business. And in Big Oil, it’s typically dwarfed by upstream. Yet having been forced to r ...
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- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- PTC India Limited - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Australian Coal Association
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Eastern Energy - Thailand
- White Energy Company Limited
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Posco Energy - South Korea
- Thai Mozambique Logistica
- Economic Council, Georgia
- The University of Queensland
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
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