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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, 17 April 19
LNG WESTERN AFRICA CONFERENCE 2019
The only LNG Focus Platform to Accelerate Investment and Cooperation in Western African Countries
LNG Western Africa Conference 2019 ...
Saturday, 13 April 19
IMO 2020 - DON'T SCRUB IT! - IVAR MYKLEBUST
KNOWLEDGE TO ELEVATE
Höegh Autoliners stands firm on its decision not to implement scrubbers but comply with the IMO 2020 regulations by ...
Saturday, 13 April 19
CAPESIZE: WEST AUSTRALIA TO CHINA IRON ORE CARGOES LIFTING FROM $4.60 PMT TO ABOVE $5.00 - BALTIC BRIEFING
Capesize
The market saw a steep ascent from the depths of last week. The Baltic Capesize Index (BCI) 5TC opened on Monday at $5,099, although b ...
Friday, 12 April 19
OIL MARKET REPORT: MIXED SIGNALS - IEA
The huge increase in oil production we saw in 2H18 has reversed following the implementation of the new Vienna Agreement and the increasing effecti ...
Friday, 12 April 19
OFFSHORE MENA CONGRESS 2019
Offshore MENA Congress 2019
Event Date : 11-12th Jun. 2019
Location : Cairo, Egypt
Offshore MENA Congress 2019 Offshor ...
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- PowerSource Philippines DevCo
- Sree Jayajothi Cements Limited - India
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- ICICI Bank Limited - India
- Kaltim Prima Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Thiess Contractors Indonesia
- Bhatia International Limited - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ind-Barath Power Infra Limited - India
- Indika Energy - Indonesia
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
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