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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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Saturday, 15 June 19
SUPRAMAX: A 58,000-TONNER, OPEN QINGDAO, WAS BOOKED TO REDELIVER IN EAST COAST INDIA AT $6,500 - BALTIC BRIEFING
Capesize
The market closed on a quiet Friday last week after a few hectic days of mid-week trading. Trade routes from Brazil to the Far East we ...
Friday, 14 June 19
PANAMAX: OUTLOOK IS MIXED - FERNLEYS
Capesize
Sentiment changed to a more nervous tone as pacific cargo volumes failed to deliver as expected, however latest activity indicates res ...
Friday, 14 June 19
ELECTRONIC (PAPERLESS) TRADING - SKULD
KNOWLEDGE TO ELEVATE
Electronic Shipping Solutions: Bolero International Ltd, E-Title Authority Pte Ltd, Global Share S.A. (edoxOnline platfor ...
Wednesday, 12 June 19
KOSPO INVITES BIDS FOR 140,000 MT OF 4,600 NCV COAL FOR SEP. 2019 LOADING
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 140,000 MT of minimum 4,600 kcal/kg NCV coal ...
Wednesday, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
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- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Australian Commodity Traders Exchange
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Vedanta Resources Plc - India
- The University of Queensland
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Commonwealth Bank - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- GMR Energy Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Aboitiz Power Corporation - Philippines
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- San Jose City I Power Corp, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
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