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Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
 With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is interesting to take on a review and outlook of the energy market as a whole. With the Developing nations having played a catch up gain during most of the 2000’s and having been found in a more advantageous position in terms of their continued economic development after the financial crisis of 2008, a considerable weight has been placed on these economies to drive demand forward for most of the energy commodities such as crude oil, coal and natural gas which play an integral part in shipping. Whilst most regions such as North America and Europe, which historically held the lions share for consumption of energy, have been holding steady in their requirements the Astronomical growth in demand from the Asia Pacific region has been the main source of demand growth for much more than a decade now.
China has been the main reason for those, with a key part having been played in the past by Japan and North Korea as well and India now quickly stepping up to take up it’s as a main contender. As these economies went through their stages of economic development, it was well known that an exponential increase in energy consumption would be one of the main byproducts of this. However, with time another pattern has slowly started to emerge.
Despite the rapid growth of energy consumption per capita, the growing worries regarding sources of energy and the sustainability and “cleanness” of our energy consumption has pushed for an ever more efficient and innovative mix of energy consumption, in turn driving for an ever slower growth of energy demand compared to the average GDP growth of the global economy. As pointed out earlier this year by the BP in its Energy outlook report, the amount of energy required per unit of GDP is expected to decline by 1.9% per year over the next 20 years while this figure is more than double the decline rate that was noted in the past decade. This means that we are slowly moving to a higher independence from energy, requiring less input to achieve an ever higher economic output. This could even prove to be an underestimate as typically energy plays a more primal role at the early stages of economic development and once both China and India (the current mammoths of global economic growth) get past this stage, they will likely shift their needs respectively causing a further slowdown in energy consumption per GDP.
A second point which will prove to be of more vital importance, though the trend seems to be moving at a slower pace, is how the world economy as a whole is slowly moving away from fossil fuels towards renewable sources of energy, with the latter expected to take a further 5% from the energy mix within the next 20 years. This has its significance on the shipping industry, as its fossil fuels that are transported by sea and they also take up a considerable portion of world seaborne trade.
Further to this we have seen a rapid shift amongst the preference of fossil fuels within the energy consumption mix. Oil has continued its rapid decline is close to losing its dominant position as the primary source of energy, while Coal has made considerable leaps over the past decade with natural gas following close behind. This has been evident within trade as well as the dry bulk market has significantly benefited from the growing importance of coal while the tanker market has been struggling to see an equal amount of growth in demand even before the crisis. This has followed through with an increasing amount of innovation in oil exploration such as that of tight oil and shale gas. This has been one of the important factors why we have seen a shift in trade with the U.S. decreasing its Crude oil imports last year by almost 40 million tonnes, while it was mainly thanks to China and India which in-creased theirs by 11 and 13 million tonnes respectively which helped cover much of this gap and provide the tanker market with some support.
Going forward, it is increasingly difficult to see any support from the market fundamentals that could provide a justification to a fast paced increase in tanker tonnage. Tonne miles are running shorter and shorter and although the demand for the commodity is there it seems that there isn’t much room for further growth in the fleet. The big promise that was West Africa in helping create further tonne-miles will likely be outshined by the slowly increasing production from East and Southern Africa. The Middle East still holds its top podium position with regards to trade exports and is situated fairly close to both China and India when compared to the distance VLs had to take to go around the Cape to get to the U.S. At the same time we expect more pipeline deals with the Far East to be struck by the other main exporter which is Russia.
In conclusion, there may well be an optimistic growth in demand for energy commodities such as crude oil, however it is looking increasingly difficult for this to translate over to increased seaborne trade and although Chinese and India Consumption will likely rise rapidly over the next couple of years , unless there is a rapid change in regional energy imbalances, the growth in shipping requirements is set to hold at a fairly slow pace.
- George Lazaridis - Research Analyst -
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Wednesday, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
Monday, 07 July 14
RBCT, THE WORLD'S SINGLE LARGEST EXPORT COAL TERMINAL SHIPPED 31.91 MMT OF COAL IN H1 2014
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the world’s single largest export coal terminal, shipped 31.91 million ton ...
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Showing 3616 to 3620 news of total 6871 |
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- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- GAC Shipping (India) Pvt Ltd
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Kumho Petrochemical, South Korea
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Siam City Cement - Thailand
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Kideco Jaya Agung - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Power Finance Corporation Ltd., India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
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