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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, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market i ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- SMC Global Power, Philippines
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- White Energy Company Limited
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Interocean Group of Companies - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- European Bulk Services B.V. - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
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