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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, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
Monday, 04 November 19
COAL INDIA'S OCTOBER PRODUCTION MAY FALL 20% - PTI
Coal India’s production in October is likely to be 19-20 per cent lower at about 40 million tonne, as compared to 49.77 million tonne produce ...
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- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- London Commodity Brokers - England
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Karaikal Port Pvt Ltd - India
- The Treasury - Australian Government
- OPG Power Generation Pvt Ltd - India
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Jindal Steel & Power Ltd - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Baramulti Group, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PowerSource Philippines DevCo
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Africa Commodities Group - South Africa
- International Coal Ventures Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Minerals Council of Australia
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Economic Council, Georgia
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ceylon Electricity Board - Sri Lanka
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Australian Coal Association
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
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