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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, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
Monday, 24 June 19
KOMIPO INVITED BITUMINOUS COAL BIDS FOR BORYEONG & SHIN BORYEONG POWER PLANTS
South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 260,000 MT MT of min. 5700 NAR coal and 240,000 MT of min. 4,600 k ...
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- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- White Energy Company Limited
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Ministry of Mines - Canada
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Borneo Indobara - Indonesia
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- Australian Coal Association
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Electricity Authority, New Zealand
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