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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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Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
Monday, 18 November 19
SUPRAMAX: IN THE INDONESIAN COAL BUSINESS, A 58KDWT VESSEL FIXED DELIVERY PHILIPPINES, REDELIVERY INDIA AT CLOSE TO $8,000 - BALTIC BRIEFING
Capesize
For most of the week the rates were nudging up under a flurry of activity in the Pacific as levels for the West Australia to China C5 ...
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- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Mintek Dendrill Indonesia
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Central Java Power - Indonesia
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Star Paper Mills Limited - India
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Renaissance Capital - South Africa
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- AsiaOL BioFuels Corp., Philippines
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Dalmia Cement Bharat India
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Petron Corporation, Philippines
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
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