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