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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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- London Commodity Brokers - England
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Minerals Council of Australia
- PetroVietnam Power Coal Import and Supply Company
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Coastal Gujarat Power Limited - India
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Parliament of New Zealand
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Directorate General of MIneral and Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Australian Coal Association
- Heidelberg Cement - Germany
- Planning Commission, India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- White Energy Company Limited
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Edison Trading Spa - Italy
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coalindo Energy - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
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