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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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Wednesday, 12 February 20
COAL INDIA WILL EXCEED LAST YEAR'S PRODUCTION FIGURES: OFFICIAL - PTI
Despite coal production being hampered at Dipka mines due to prolonged rains, Coal India Ltd will exceed last year’s production figures, a to ...
Wednesday, 12 February 20
MARKET INSIGHT - INTERMODAL
The recent Coronavirus outbreak in China has led to a global health emergency by World Health Organization and it is yet to be seen how long the ph ...
Wednesday, 12 February 20
CHANGES IN LNG MARKET COULD UNDERCUT PLANS FOR NEW JAPANESE COAL PLANTS - CLYDE RUSSELL
Reuters: Clyde Russell
The collapse in the spot price of liquefied natural gas (LNG) in Asia is a short-term phenomenon that may wel ...
Wednesday, 12 February 20
THE SHIPPING INDUSTRY SEES FREIGHT MARKETS IN A COMPLETE STATE OF COLLAPSE AS DEMAND GETS PARALYZED DUE TO CORONAVIRUS OUTBREAK - ALLIED
With China and the world still trying to contain the effects and come to terms with the Wuhan novel coronavirus outbreak, the shipping industry see ...
Wednesday, 12 February 20
WORLD STEEL PRODUCTION IN 2019 - BANCHERO COSTA
In a worrying development, global steel production slowed down considerably in the fourth quarter of 2019. In the final 3 months of 2019, total cru ...
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- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Wilmar Investment Holdings
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Economic Council, Georgia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- The University of Queensland
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- The State Trading Corporation of India Ltd
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Holcim Trading Pte Ltd - Singapore
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
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