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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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Friday, 07 June 19
KOEN INVITED BIDS FOR 1.87 MILLION TONS OF COAL FOR JULY - OCTOBER 2019 DELIVERY
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 1,700,000 to 1,870,000 Metric Tons ...
Wednesday, 05 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
The first semester of 2019 started as a fairly positive semester for the offshore sector whilst there was a recovery on crude prices, as well as a ...
Tuesday, 04 June 19
MARPOL ANNEX VI - SULPHUR CAP 2020 - DEMYSTIFYING THE FONAR - SKULD
KNOWLEDGE TO ELEVATE
Fuel Oil Non-Availability Report (FONAR) is primarily a discretionary tool for a Member State to lessen the breach of MAR ...
Monday, 03 June 19
SUPRAMAX: A 61,000 TONNER OPEN NORTH CHINA, FIXING A TRIP VIA INDONESIA, REDELIVERY SOUTHEAST ASIA AT $7,500 - BALTIC BRIEFING
Capesize
The market continued its steady ascent over the past week to improved levels. The TC average opened the previous week at $12,243 and c ...
Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
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- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Eastern Coal Council - USA
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Goldman Sachs - Singapore
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- European Bulk Services B.V. - Netherlands
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
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