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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, 31 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
It was a fairly busy week in the dry S&P market. Despite the ease of Capesize rates which impacted Panamaxes as well, interest from potential b ...
Sunday, 28 July 19
ULTRAMAX - INDONESIAN COAL CARGOES SAW A 63,000DWT SHIP FIXING DELIVERY FOR A SOUTH CHINA TRIP VIA INDONESIA, REDELIVERY CHINA, AT $11,700 - BALTIC BRIEFING
Capesize
The market was a white knuckled ride this past week as a large downside movement shed value quickly leaving many in bewilderment. The ...
Wednesday, 24 July 19
CHINA TAIYUAN COAL TRANSACTION PRICE INDEX DOWN 0.27 PCT - XINHUA
China Taiyuan coal transaction price index stood at 138.78 points Monday, down 0.27 percent week on week.
The index, released by Chi ...
Wednesday, 24 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
Tonnes of ink has been spent analysing the rebound of the dry bulk market the last weeks with the most representative example being the rising perf ...
Wednesday, 24 July 19
COAL'S DEMISE QUICKENS IN EUROPE AS MARKET SHIFT IDLES PLANTS - BLOOMBERG
Commodity markets are stripping away the case for coal in Europe, moving quicker than government efforts to close the most polluting power plants.
...
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- White Energy Company Limited
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Georgia Ports Authority, United States
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Minerals Council of Australia
- Bhatia International Limited - India
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Bhushan Steel Limited - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- The University of Queensland
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Barasentosa Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- Bhoruka Overseas - Indonesia
- Bharathi Cement Corporation - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- AsiaOL BioFuels Corp., Philippines
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
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