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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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Tuesday, 14 January 20
MABUX: BUNKER MARKET THIS MORNING, JAN.14
MABUX World Bunker Index (consists of a range of prices for 380 HSFO, 180 HSFO and MGO (Gasoil) in the main world hubs) changed insignificant and i ...
Tuesday, 14 January 20
SHIPPING MARKET ANALYSIS - ALLIED SHIPBROKING
Uncertainty in the global geopolitical sphere seems to have not come to an end along with 2019, as 2020 commenced with renewed tensions between the ...
Tuesday, 14 January 20
DRY BULK MARKET: "THIS IS NOT THE END OF COAL" SAYS IEA - BALTIC EXCHANGE
A historic drop in coal-fired electricity generation will not sway global coal demand from its upward trajectory through to 2024, though growth wil ...
Saturday, 11 January 20
ARE YOU 95% CONFIDENT THAT YOUR VERY LOW SULPHUR FUEL IS ON SPEC AND MARPOL COMPLIANT? - GARD
KNOWLEDGE TO ELEVATE
Bunker fuel is a commodity and, like all commodities, is produced and sold according to specifications. Bunkers are usual ...
Saturday, 11 January 20
NEW PRICING COULD SPELL TROUBLE FOR CHINA'S COAL SECTOR - CHINA DIALOGUE
Benchmark coal tariffs have been the foundation of China’s electricity pricing since 2004 but this mechanism was replaced on January 1 with a ...
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- Kapuas Tunggal Persada - Indonesia
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- Singapore Mercantile Exchange
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- White Energy Company Limited
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- Planning Commission, India
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- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
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- Lanco Infratech Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
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- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Deloitte Consulting - India
- Australian Coal Association
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Parliament of New Zealand
- Bharathi Cement Corporation - India
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
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