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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, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
Tuesday, 15 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country's Co ...
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- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Posco Energy - South Korea
- Ministry of Transport, Egypt
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Uttam Galva Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- The University of Queensland
- Orica Australia Pty. Ltd.
- Maharashtra Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Thai Mozambique Logistica
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