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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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Friday, 20 September 19
INDIA TO INVITE BIDS FOR COMMERCIAL COAL MINING IN DECEMBER - MINISTER FOR COAL
India aims to begin the process of holding the first round of commercial coal mining auctions December end, Minister for Coal, Mines and Parliament ...
Friday, 20 September 19
INDIA: ECONOMIC SLOWDOWN IMPACTS COAL IMPORT CARGO IN H1 FY20 - PTI
Economic slowdown has impacted coal import cargo in the first half of this fiscal, as overall cargo growth at major ports registered a marginal gro ...
Wednesday, 18 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
During the first week of September, I had the privilege of attending the Donsö Shipping Meet 2019, in Donsö, a small island of around 1,& ...
Tuesday, 17 September 19
PANAMA SHIP REGISTRY MODERNIZES SHIP REGISTRATION
The Panama Ship Registry has announced it will integrate in a single platform “Electronic Ship Registration System (ESRS)” the present ...
Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
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- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Australian Coal Association
- Ministry of Transport, Egypt
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- White Energy Company Limited
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Essar Steel Hazira Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- PTC India Limited - India
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
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