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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, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Tata Chemicals Ltd - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Rio Tinto Coal - Australia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Chamber of Mines of South Africa
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Australian Coal Association
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- The University of Queensland
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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