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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, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact ...
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- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Planning Commission, India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Mjunction Services Limited - India
- Australian Commodity Traders Exchange
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Australian Coal Association
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Aditya Birla Group - India
- Sindya Power Generating Company Private Ltd
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- McConnell Dowell - Australia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
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