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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, 10 July 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR HCV AND LCV COAL FOR AUGUST 2019 LOADING
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for total 460,000 to 500,000 Metric To ...
Wednesday, 10 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
In contrast with the general expectations for the dry bulk market, the sector was not positive or even stable during the past 6 months. The warning ...
Monday, 08 July 19
INDONESIAN COAL PRICE REFERENCE POSTS BIGGEST MONTHLY LOSS SINCE JANUARY 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 08 July 19
ULTRAMAX: A 52,000-TONNER OPEN CJK FIXED FOR A TRIP VIA INDONESIA WITH RE-DELIVERY CHINA AT $6,100 - BALTIC BRIEFING
Capesize
The Capesize market surged over the past week, reaching highs not seen since August last year. Widespread activity in both basins saw ...
Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
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- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Central Electricity Authority - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Carbofer General Trading SA - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- ASAPP Information Group - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PTC India Limited - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Videocon Industries ltd - India
- Antam Resourcindo - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- SMG Consultants - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Ministry of Mines - Canada
- The University of Queensland
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- OPG Power Generation Pvt Ltd - India
- SMC Global Power, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Parliament of New Zealand
- Deloitte Consulting - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Medco Energi Mining Internasional
- MS Steel International - UAE
- White Energy Company Limited
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
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