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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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Friday, 22 November 19
UNCERTAINTY IN THERMAL COAL MARKET PERSISTED IN 3Q19 - ADARO
Uncertainty in thermal coal market persisted in 3Q19, mainly due to the actions, or inactions, of China in setting policies for global coal market. ...
Friday, 22 November 19
CIL TO DEVELOP 55 NEW COAL MINES IN NEXT 5 YEARS: COAL MINISTER
State-owned CIL will develop 55 new coal mines and expand 193 existing ones in the next five years, Parliament was informed. The company is also un ...
Thursday, 21 November 19
4TH DEEP OFFSHORE WEST AFRICA CONGRESS 2020
4th Deep Offshore West Africa Congress 2020
17 Janaury 2020
Accra, Ghana
Press Release: Following the great succ ...
Thursday, 21 November 19
INDONESIA PLANS TO KEEP $70/T COAL PRICE CAP FOR PLN, DMO - REUTERS
Indonesia’s energy minister Arifin Tasrif said his ministry plans to maintain a price cap on coal being sold to state electricity utility, PT ...
Wednesday, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
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- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Minerals Council of Australia
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Binh Thuan Hamico - Vietnam
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- CNBM International Corporation - China
- Bulk Trading Sa - Switzerland
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Mjunction Services Limited - India
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- The University of Queensland
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
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