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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, 25 November 19
COAL SUPPLY BY CIL TO POWER SECTOR DROPS OVER 8 PC TO 253 MT IN APRIL-OCTOBER - PTI
Supply of coal by state-owned CIL to the power sector registered a decline of 8.5 per cent to 253 million tonnes in the April-October period of thi ...
Monday, 25 November 19
A 53,000DWT SHIP FIXED AT $9,500 DELIVERY SINGAPORE TRIP, VIA INDONESIA, REDELIVERY VIETNAM - BALTIC BRIEFING
Capesize
After a week of value being eroded on the Capesize market, Friday brought improved sentiment across most of the routes. The 5TC averag ...
Monday, 25 November 19
KOWEPO INVITED 6.79 MILLION TONS OF (SUB)BITUMINOUS STEAM COAL BIDS
COALspot.com: South Korea’s Korea Western Power Co., Ltd. (KOWEPO) has issued an international tender for 6,798,000 tons of coal for 5 years ...
Friday, 22 November 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Friday, 22 November 19
FORTY PERCENT OF ADARO'S COAL SALES VOLUME IN 9M19 GOES TO THE SOUTHEAST ASIA REGION
PT Adaro Energy Tbk released its consolidated financial statements yesterday, for the nine month period, ending September 30, 2019.
...
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- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Agrawal Coal Company - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Australian Coal Association
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Madhucon Powers Ltd - India
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Coalindo Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Energy Development Corp, Philippines
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
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