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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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Monday, 22 July 19
SUPRAMAX: THE ASIAN ARENA SAW INCREASED ACTIVITY AND STRONGER NUMBERS BEING CONCLUDED; INDONESIAN ROUNDS REMAINED FIRM - BALTIC BRIEFING
Capesize
Another week of gains as the Atlantic basin continues to be pressurised on tonnage and Brazilian cargoes keep up a steady flow. The Ca ...
Thursday, 18 July 19
WORLD TRADE IN HARD COAL ROSE BY 4.7% IN 2018 - GERMANY COAL IMPORTERS ASSOCIATION
World Trade in Hard Coal Rose by 4.7% in 2018
Hard Coal Can Prevent Stress in the Electric Power System in Germany
• Sharp decl ...
Wednesday, 17 July 19
MARKET INSIGHT - INTERMODAL
The Strait of Hormuz is one of the most important waterways in the world, connecting crude producers in the Middle East with key markets in the res ...
Tuesday, 16 July 19
KING COAL RULES IN JAPAN AS POWER UTILITIES IN THRALL TO LOW-COST FUEL - REUTERS
Japanese utilities will rely on the return of coal-fired power plants from maintenance to meet peak electricity demand this summer, highlighting th ...
Tuesday, 16 July 19
SUPRAMAX: THE ASIAN ARENA WAS SPLIT, WITH A BUILD-UP OF TONNAGE AND LACK OF ENQUIRY IN THE NORTH - BALTIC BRIEFING
Capesize
It was a Brazilian affair with a strong splash of bunkers characterising the Capesize market over the past week. Largely traded in Eur ...
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- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Malabar Cements Ltd - India
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Barasentosa Lestari - Indonesia
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- VISA Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Parry Sugars Refinery, India
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- White Energy Company Limited
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Port Waratah Coal Services - Australia
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Miang Besar Coal Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- The University of Queensland
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- IEA Clean Coal Centre - UK
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