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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, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- Petrochimia International Co. Ltd.- Taiwan
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Economic Council, Georgia
- Australian Coal Association
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Planning Commission, India
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
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