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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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Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
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Showing 1621 to 1625 news of total 6871 |
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- Sojitz Corporation - Japan
- VISA Power Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Wood Mackenzie - Singapore
- Miang Besar Coal Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Savvy Resources Ltd - HongKong
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Metalloyd Limited - United Kingdom
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Carbofer General Trading SA - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- The University of Queensland
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Planning Commission, India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- PowerSource Philippines DevCo
- Mercator Lines Limited - India
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Australian Coal Association
- Orica Mining Services - Indonesia
- Minerals Council of Australia
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