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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, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
Friday, 27 September 19
LOWDOWN ON INCOTERMS 2020 OVERHAUL - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
This ninth revision of Incoterms is changed in style and substance. The revisions improve certain aspects of Incoterms 20 ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- VISA Power Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- MS Steel International - UAE
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- Parliament of New Zealand
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Meenaskhi Energy Private Limited - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Bhatia International Limited - India
- GMR Energy Limited - India
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
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