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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, 26 January 20
SUPRAMAX: THE ASIAN BASIN SAW A 56,000DWT SHIP FIXING DELIVERY SAMARINDA TRIP TO WEST COAST INDIA AT $4,750 - BALTIC BRIEFING
Capesize
The market endured heavy losses throughout the past week, with the Capesize 5TC dropping from $8,352 to $4,772. In the lead up to Chin ...
Sunday, 26 January 20
SHIPPING NEEDS TO PREPARE FOR CORONAVIRUS RESTRICTIONS WARNS HILL DICKINSON
The shipping industry needs to be prepared for potential restrictions in order to prevent the further spread of the ‘Wuhan’ coronavirus ...
Friday, 24 January 20
LOW-SULPHUR FUEL OIL PRICES DROP USD 99 PER MT IN SINGAPORE - BIMCO
Singapore has seen one of the largest drops in the price of Very Low Sulphur Fuel Oil (VLSFO), which peaked on 7 January 2020 at USD 740 per metric ...
Friday, 24 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINED FLAT DURING THE PAST WEEK - XINHUA
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of coal prices in north China’s major ports, stood at 553 yuan (about 80.1 U.S. dollars) ...
Thursday, 23 January 20
PANAMAX: ANOTHER DISAPPOINTING WEEK IN BOTH THE ATLANTIC AND THE PACIFIC BASIN - FEARNLEYS
Cape Size
From bad to worse for the biggest ships as prices for low-sulphur fuel oil remain high whilst freight rates deteriorate further. Aver ...
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- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Energy Exchange, India
- Indogreen Group - Indonesia
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- LBH Netherlands Bv - Netherlands
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- IHS Mccloskey Coal Group - USA
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Samtan Co., Ltd - South Korea
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Lanco Infratech Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Price Waterhouse Coopers - Russia
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- The University of Queensland
- Electricity Authority, New Zealand
- CNBM International Corporation - China
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