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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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Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
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Showing 1611 to 1615 news of total 6871 |
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- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Bulk Trading Sa - Switzerland
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- PTC India Limited - India
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Salva Resources Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Essar Steel Hazira Ltd - India
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
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