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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, 22 December 19
NMDC DIVERSIFIES INTO COAL MINING - THE HINDU
Iron ore mining major NMDC has been allocated two coal blocks in Jharkhand for commercial mining by the Union Ministry of Coal.
Both ...
Sunday, 22 December 19
TRADING PLACES FOR 2020 - BALTIC EXCHANGE
In the sea of 2020 predictions, Saxo Bank’s Outrageous Predictions sail their own very unique course. For nearly 20 years the Danish investme ...
Saturday, 21 December 19
SUPRAMAX: A 63,000 DWT VESSEL, OPEN CIGADING, FIXED A TRIP VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $8,500 - BALTIC BRIEFING
Capesize
The Capesize market this past week has been attempting to recalibrate itself in consideration of weakening freight levels and increasi ...
Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling t ...
Friday, 20 December 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Coal Council - USA
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Marubeni Corporation - India
- Planning Commission, India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Merrill Lynch Commodities Europe
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- London Commodity Brokers - England
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Australian Coal Association
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Kalimantan Lumbung Energi - Indonesia
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Minerals Council of Australia
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- The University of Queensland
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Edison Trading Spa - Italy
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Leighton Contractors Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
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