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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, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- IHS Mccloskey Coal Group - USA
- Binh Thuan Hamico - Vietnam
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Parliament of New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- The University of Queensland
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
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