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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market in the second half of this year has buoyed optimism amongst the people in the industry. Yet if you are to ask most shipowners if they are optimistic you will get a “yes...but...” reply.
On the dry bulk ship supply side (>20,000dwt), the world fleet has increased by 241 vessels year-on-year corresponding to a growth of about 2,4%, while one year earlier it was below 2%. Nonetheless, it's still a moderate fleet increase versus 4.4% percent real GDP growth of the emerging market and developing economies. For example, Bangladesh has 7.3% GDP Growth in 2019 and has also secured the top position in the world in achieving the highest GDP during the last 10 years.
The current dry bulk orderbook – not including slippage/cancellations – stands at 8.7% of the world fleet. Whilst there has been little order replenishment of bulk carriers in 2019, the orderbook is today merely bigger than what it was a year ago by about 50 vessels. Furthermore, we are amidst of environmental regulations coming into force, with water ballast management systems being retrofitted (or not) and the bunkers already transitioning to comply with the 2020 sulphur cap.
Compared to the same time last year we have about 80 more vessels over 20years old, and all the bulk carriers older than 20 years represent 9,5% of the dry bulk fleet.
On the tanker segment, things aren't less complicated. So far in 2019 there is less demolition activity, but also less new orders, while more ships have been delivered from the builders. The tanker fleet (>25,000dwt) has increased by about 3.5% led by MR tankers which increased by about 70 vessels, VLCCs followed with 55 vessels, 37 Aframaxes and just 15 Suezmaxes. The orderbook has not been replenished and is actually about 25% smaller than before, it represents about 7.7% of the trading fleet down from 10% same time last year. This rationalization of the orderbook, lays the foundation for a better future for the segment from the supply side alone.
On the other side of the equation for both dry and wet segments, there still is a growing demand for seaborne transportation. And while previously there were production disruptions, economic concerns, as well as political reasons that combined were suppressing the market, now there seems to be another combination that allows the freight rates to improve and drive the real demand for seaborne trade. The population continues to expand, emerging countries continue to absorb shipping goods and raw materials, so - still being the most fuel efficient and environmental friendly form of commercial transport – seaborne trade will continue to grow.
Although nobody can foresee if the current freight market is sustainable or not, the fundamentals suggest so, at least for the short term. We will continue to have supply disruptions, limited ordering and fleet expansion on the one side, and solid growth from the developing and emerging economies on the other. So, as we have many times argued that shipping is an infinite game and the objective of the players is to perpetuate the game, as we enter a new era with higher environmental awareness, it's a good entry point for investments and the upside is there as long as shipowners are patient and avoid overreactions.
By Theodore Ntalakos
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, 08 April 19
CHEAP COAL SWELLS IN SOUTHEAST ASIA, FOILING GLOBAL GREEN PUSH - NIKKEI
Southeast Asian countries are turning to low-cost coal to satisfy their surging electricity demand as the West shies away from the fossil fuel unde ...
Monday, 08 April 19
SULPHUR 2020 - COUNTDOWN TO THE SWITCHOVER - LLOYD'S REGISTER
Sulphur 2020 (MARPOL Annex VI Reg. 14.1.3) is still dominating headlines and as we draw closer to the 1 January 2020 deadline it’s clear that ...
Monday, 08 April 19
INDONESIAN COAL PRICE REFERENCE PRICE PLUMMETS TO LOW NOT SEEN SINCE AUGUST 2017
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Sunday, 07 April 19
SHIP PASSAGE PLANS - NO ROOM FOR ERROR! - WATSON FARLEY & WILLIAMS
KNOWLEDGE TO ELEVATE
The English High Court’s judgment in Alize 1954 v Allianz Elementar Versicherungs AG (The CMA CGM Libra) is an impo ...
Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
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- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Anglo American - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Siam City Cement - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Deloitte Consulting - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Chamber of Mines of South Africa
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- McConnell Dowell - Australia
- ASAPP Information Group - India
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
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