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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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Thursday, 24 October 19
PANAMAX: NEGATIVE SENTIMENT IN THE MARKET AS IT CONTINUES TO WEAKEN - FEARNLEYS
Capesize
The market has continued to slide the last week, as lack of fresh requirements and a slight oversupply of tonnage heading towards Sout ...
Wednesday, 23 October 19
CHINA'S 2019 COAL IMPORTS SET TO RISE MORE THAN 10%: ANALYSTS - REUTERS
China, the world’s top coal buyer, is on track to boost imports of the fuel by more than 10% this year, traders and analysts said on Tuesday, ...
Wednesday, 23 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
Moving closer to the end of the year, we are facing what the market was expecting for quite a while, the ship repair sector booming with the shipya ...
Tuesday, 22 October 19
DRY BULK: DESPITE THE DOWNWARD CORRECTION NOTED OVER THE PAST MONTH, RATES ARE STILL HOLDING OFF AT FAVORABLE LEVELS - ALLIED SHIPPING
Despite the downward correction that has been noted in the dry bulk market over the past month, rates are still holding off at favorable levels. Ev ...
Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
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- Manunggal Multi Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Barasentosa Lestari - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Electricity Generating Authority of Thailand
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- PowerSource Philippines DevCo
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
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