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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, 15 May 19
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
Modern warfare - Trade wars & sanctions
As of May 1st, the U.S. has ended waivers to the sanctions that had allowed the top buyers of Irani ...
Monday, 13 May 19
INDONESIAN COAL PRICE REFERENCE CONTINUES TO FALL
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Monday, 13 May 19
SUPRAMAX: SOUTHEAST ASIA THE MARKET SAW BETTER DEMAND - BALTIC BRIEFING
Cape
The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week& ...
Thursday, 09 May 19
DEEP OFFSHORE SOUTHEAST ASIA CONGRESS 2019
Deep Offshore Southeast Asia Congress 2019
Event Date:2-3th July. 2019t
Location: Jakarta, Indonesia
Sarawak Shell Berhad (S ...
Thursday, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
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- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Renaissance Capital - South Africa
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- Videocon Industries ltd - India
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- European Bulk Services B.V. - Netherlands
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- PTC India Limited - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Planning Commission, India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
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