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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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Monday, 16 December 19
THE OUTLOOK FOR U.S. THERMAL COAL IS INCREASINGLY STRESSED - MOODY'S
- Slowing global economic growth, trade tensions will continue to exert influence
- Coal's secular decline will persist in 2020
...
Thursday, 12 December 19
KOWEPO INVITING BIDS FOR 2.28 MILLION TONS OF MIN.4,400 NCV COAL
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for total 2,280,000 tons of (Sub) Bitum ...
Wednesday, 11 December 19
PANAMAX: THE MARKET REMAINED FIRM IN THE PACIFIC, WITH INCREASED ACTIVITY NOTED IN KEY AREAS, SUCH AS INDONESIA - ALLIED
Capesize – Positive momentum was resumed this past week, with earnings mak-ing some gains once again. This rising pattern was reflected in th ...
Tuesday, 10 December 19
PREPARATIONS INTENSIFY AS IMO 2020 GLOBAL SULPHUR CAP LOOMS - STANDARD CLUB
With less than a month to go for the impending IMO 2020 global sulphur cap, the club has started witnessing dispute cases relating to the measureme ...
Monday, 09 December 19
KOREA SOUTHERN POWER CO LTD IS INVITING OFFERS FOR MIN 3700 NCV COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for 160,000 Tons steam coal.
Acco ...
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- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Port Waratah Coal Services - Australia
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Toyota Tsusho Corporation, Japan
- Eastern Energy - Thailand
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- Indian Energy Exchange, India
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Planning Commission, India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Xindia Steels Limited - India
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Australian Coal Association
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
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