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Wednesday, 12 September 18
SHIPPING MARKET INSIGHT - THEODORE NTALAKOS
 A recovery in the shipping market since last year has buoyed optimism amongst the people in the industry. Yet if you are to ask most ship-owners if they are happy with the market, you will get a reply “mmmh... not really...”. The market hike seems to have hit a ceiling the past months and whilst the ship earnings have doubled or tripled compared to two years ago, they still seem to be just a touch (?) away from their break-even. Also, opposite to the common belief, during the past few months instead of further improvement we have seen a lot of volatility and a resistance to get to higher levels.
On the ship supply side, the world fleet has increased by 181 vessels since last year corresponding to a marginal growth of just below 2%. This moderate fleet increase versus four percent global growth has no doubt been a major driver of the recovery. Looking forward, there has been some order replenishment and in fact the orderbook is today bigger than what it was a year ago; about half of the new orders are Kamsarmaxes, generating some concerns on over ordering and affecting an already fragile market. On the other hand we can easily argue that the environmental regulations that are coming into force over the next couple of years, will call on owners to make substantial investments in their assets and we don't expect them to upgrade their older vessels. Current orderbook – not including slippage/cancellations – stands at 8.5% of the world fleet and with 9% of the fleet being over 20 years old you have a good release valve to balance the new deliveries.
On the other side of the equation there still is a growing demand for seaborne transportation. The population continues to expand, emerging countries continue to absorb shipping goods and raw materials, so - still being the most fuel efficient and environment friendly form of commercial transport – seaborne trade will continue to grow; this is a fact. On the other hand, shipping is inherently correlated to the world economy, so the trade contraction from trade wars, may translate into reduction in demand for shipping, and although China is no longer growing at eight or ten percent annually, it's still leading the demand for tonne miles. To put it simply, the demand is under short term shakedown from president Trump. Up until today, the markets have been on wait-and-see mode whether the threats are valid and how far the confrontation will go. The US president's tariffs have been met with Chinese retaliation and Beijing administration confident that they can cope with full scale trade war.
So, although we don't see a ceiling, since there seem to be strong fundamentals for the market to improve further, we are now on a kind of a plateau whereby there are economic as well as political reasons that are preventing markets to improve further. For shipping we believe that this will work in its favour in the longer term as, although it's a good entry point for investments and the upside is there, it makes the ship-owners more careful, patient and they avoid overreactions. This situation should also remind everybody that shipping is an infinite game and the objective of the players – both know and unknown - is to perpetuate the game.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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 October 18
KOMIPO INVITES BIDS FOR 520,000 TONS OF COLOMBIAN ORIGIN OF 5,700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 MT of min. 5700 NAR coal of Colombian origin ...
Sunday, 07 October 18
SUPRAMAX: INDO-INDIA USUAL COAL RUNS WERE COVERED AT US$ 12K - FEARNLEYS
Capesize
Average daily earnings up close to 15 pct in 5 trading days, thus patience finally paying off for owners of the big ships - Chinese play ...
Sunday, 07 October 18
A CASE FOR 20/20 VISION? IMO'S LOW SULPHUR FUEL LIMIT UNDER MARPOL ANNEX VI WHICH COMES INTO FORCE ON 1ST JANUARY 2020
KNOWLEDGE TO ELEVATE
The implementation of the global 0.5% sulphur cap for bunker fuel under MARPOL Annex VI in just under 18 months’ ti ...
Friday, 05 October 18
COAL PRODUCTION REACHES 64% OF 2018 TARGET : THE JAKARTA POST
National coal production up to August has already reached 311 million tons, or 64 percent of this year's total target of 485 million tons, acco ...
Wednesday, 03 October 18
VALUE OF AUSTRALIAN COAL EXPORTS TIPPED TO DECLINE SHARPLY OVER NEXT 18 MONTHS - THE GUARDIAN
Thermal coal prices forecast to drop 25% and metallurgical coal prices 23% as value of iron ore exports also falls
The value of Aust ...
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Showing 1596 to 1600 news of total 6871 |
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- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Interocean Group of Companies - India
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- MS Steel International - UAE
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Sakthi Sugars Limited - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Mercator Lines Limited - India
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Posco Energy - South Korea
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- PTC India Limited - India
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bhatia International Limited - India
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Bangladesh Power Developement Board
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- The Treasury - Australian Government
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Independent Power Producers Association of India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
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