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Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
 Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch Ratings says. However, the degree of impact will depend on the final terms of the tariffs, and the potential flexibility of shipping companies to divert some volumes to other destinations and the ultimate tonne-mile demand. A more pronounced and wider sector impact potentially affecting all shipping segments could result if the planned tariffs lead to escalating retaliatory protectionist measures.
The US recently announced potential tariffs on steel and aluminium imports. Subsequently, it proposed an additional duty of 25% on certain products imported from China, including medicaments, machinery and chemicals, with a total value of about USD50 billion. In response, China proposed a 25% tariff on a range of imported products from the US including soybeans, chemicals and selected aircraft.
The immediate impact of potential tariffs may be manageable for both container and dry-bulk shipping. Some of the goods under the proposed tariffs are likely to continue to be imported by the US or China due to the limited substitutes. Some of the volumes could be diverted to other countries, potentially affecting distances travelled and putting tonne-mile demand in focus. The proposed value of about USD50 billion of goods subject to tariffs accounts for only about 10% of US imports from China and slightly over 2% of China’s total merchandise exports. In addition, soybeans and steel represent a limited share of the dry-bulk shipping market.
The direct impact on the companies will also depend on their exposure to trans-Pacific trades. Container shipping companies are global and tend to be diversified by trading lanes. The top five companies, including Maersk Line, Hapag-Lloyd and COSCO, have manageable exposure to US-Asia trades. However, smaller ones, mostly Asian container shipping companies, including Yang Ming, Evergreen and OOIL, have large exposure to trans-Pacific trades of around 40%.
The key risk to shipping is if protectionist measures escalate into a trade war damaging the prospects for global trade and GDP growth. Global trade growth is an important stimulator of demand in container shipping, while China remains the key driver for dry-bulk commodity imports and trade.
We believe the supply side is key to achieving the supply-demand balance and a long-term sustainable recovery in the sector, but further slowdown in volume growth in the short term may put further pressure on freight rates. Volume growth has moderated for both container and dry-bulk shipping in recent years. This again emphasises the necessity of prudent capacity management in the sector, which has been plagued by overcapacity.
The IMF expects global trade growth to reach 4.6% in 2018. This should support container transport volumes growth of over 4.5% in 2018. However, supply growth has increased since 2016 and is likely to accelerate to over 5.5% in 2018, again exceeding demand growth. We expect supply-demand fundamentals to be better in dry bulk, with a moderate expected increase in dry-bulk volumes of 2.7% in 2018 coupled with low vessel supply growth at 1.2%, which should provide support for dry bulk freight rates.
Source: Fitch Ratings
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Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
Monday, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Kartika Selabumi Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Bulk Trading Sa - Switzerland
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Antam Resourcindo - Indonesia
- Meralco Power Generation, Philippines
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Ind-Barath Power Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- Indian Oil Corporation Limited
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Lanco Infratech Ltd - India
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Carbofer General Trading SA - India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Africa Commodities Group - South Africa
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
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