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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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Saturday, 18 January 20
BIMCO: LOW-SULPHUR FUEL SALE JUMPS TO A 70% SHARE IN SINGAPORE, AS THE IMO 2020 SULPHUR CAP KICKS IN
The final quarter of 2019 marked a massive decline of HSFO sales, as the industry transitioned into compliance of the IMO 2020 Sulphur Cap (IMO2020 ...
Saturday, 18 January 20
GERMAN STEAM COAL IMPORTS IN 2019 PLUMMETED BY 17 % - COAL IMPORTERS ASSOCIATION
Press Release: According to preliminary calculations by the German Coal Importers Association (Verein der Kohlenimporteure e. V.), world trade in h ...
Saturday, 18 January 20
A 61,400 DWT FIXED FROM SOUTH EAST ASIA DELIVERY EAST KALIMANTAN REDELIVERY WEST COAST INDIA IN THE LOW $7,000S - BALTIC BRIEFING
Capesize
The market was relatively stable over this past week putting an end to the past months of more extreme declines. While the Capesize 5T ...
Friday, 17 January 20
EIA ESTIMATES THAT U.S. COAL PRODUCTION DECLINED BY 65 MMST (9%) TO 690 MMST IN 2019. IN 2020, COAL PRODUCTION WILL DECLINE BY A FURTHER 14% TO 597 MMST
U.S. Coal Supply.
EIA estimates that U.S. coal production declined by 65 million short tons (MMst) (9%) to 690 MMst in 2019. In 2020, EIA ...
Friday, 17 January 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index, a gauge of coal p ...
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- Medco Energi Mining Internasional
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- The University of Queensland
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Manunggal Multi Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Grasim Industreis Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
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