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