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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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Thursday, 30 January 20
PRIVATE SECTOR COMPANIES SEEK 'LEVEL PLAYING FIELD' FOR COAL BLOCK AUCTION - PTI
Private sector companies scouting opportunities for commercial coal mining in the country are seeking a “level playing field” to encour ...
Thursday, 30 January 20
CAPE: WITH CHINESE NEW YEAR TAKING PLACE, THE RATES ARE REACHING FURTHER DISAPPOINTING LEVELS - FEARNLEYS
Cape
With Chinese New Year taking place, the rates are reaching further disappointing levels. Present TC average is below USD 4,500, off 24% fr ...
Wednesday, 29 January 20
INDONESIA REMAINS AT THE TOP SPOT IN 2019 AS THE LARGEST SUPPLIER OF COAL TO INDIA WITH 91.3 MLN TONNES - BANCHERO COSTA
Despite repeated promises from India’s government to reduce the country’s coal imports and increase domestic self-reliance, volumes jus ...
Wednesday, 29 January 20
MARKET INSIGHT - INTERMODAL
Last week Libya’s oil production operations were disrupted as it was reported that local Libyan tribes interrupted output at the the El Feel ...
Tuesday, 28 January 20
INDONESIA - UNCERTAINTY OVER AVAILABILITY OF LSFO - THE STANDARD CLUB
The club has received reports that low sulphur fuel is not currently readily available in all Indonesian ports and that there are local shortages.
...
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- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- GAC Shipping (India) Pvt Ltd
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- MS Steel International - UAE
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Savvy Resources Ltd - HongKong
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- The University of Queensland
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Intertek Mineral Services - Indonesia
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Planning Commission, India
- Goldman Sachs - Singapore
- Ind-Barath Power Infra Limited - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
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