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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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Sunday, 09 February 20
SUPRAMAX: THE ASIAN ARENA STRUGGLED, A 50,000DWT SHIP FIXING A COAL RUN FROM EAST KALIMANTAN TO INDIA AT $2,000 - THE BALTIC BRIEFING
Capesize
The Capesize market endured another dreadful week of calamitous rate level falls, as the usual season low Q1 period combined with rece ...
Friday, 07 February 20
CIL LOOKING TO TAP NON-POWER SECTORS FOR INCREMENTAL COAL, PTI REPORTED
The miner is looking to ramp up production to meet its targets for the current fiscal at a time when the economic slowdown is impacting demand for ...
Friday, 07 February 20
VIRUS - HIT CHINA MAY NEED MORE IMPORTS OF COAL. NOW COMES THE TRICKY PART - SHIPPING IT THERE: REUTERS
China’s domestic coal mines are struggling to ramp up production in the face of the ongoing coronavirus epidemic. That’s a situation th ...
Friday, 07 February 20
CORONAVIRUS IMPACTING THE GLOBAL SHIPPING INDUSTRY - BIMCO
The outbreak of the novel Coronavirus has dented market sentiment and spooked markets around the globe. When China sneezes, we all catch the flu. T ...
Thursday, 06 February 20
CAPE: WEAK SUPPLY/DEMAND RATIO THE STREETS REMAIN BLOODY FOR THE BIG SHIPS - FEARNLEYS
Cape: With still a weak supply/demand ratio the streets remain bloody for the big ships, and actual spot earnings are close to zero on main short-h ...
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- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Commonwealth Bank - Australia
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Merrill Lynch Commodities Europe
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Australian Coal Association
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Thai Mozambique Logistica
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- White Energy Company Limited
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Intertek Mineral Services - Indonesia
- Coalindo Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
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