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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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Wednesday, 12 September 18
MARINE BUNKERS: THE END OF THE WORLD AS WE KNOW IT - IBIA
KNOWLEDGE TO ELEVATE
The world of bunkers is heading for rapid and fundamental changes and not just because of the 0.50% sulphur cap in 2020. ...
Monday, 10 September 18
HANDYSIZE: PERIOD ACTIVITY REMAINED LIMITED WITH A 37,000DWT REPORTEDLY FIXED FOR FOUR TO SIX MONTHS AT $10,500, OPEN IN MALAYSIA IN MID-SEPTEMBER - BALTIC BRIEFING
Capesize
Rates came under pressure for the big ships last week, despite paper values holding at reasonable levels as these trades continued to ...
Thursday, 06 September 18
INDONESIAN COAL PRICE REFERENCE FALLS FOR FIRST TIME IN 3 MONTHS
COALspot.com: The benchmark price of Indonesian thermal coal falls for first time in three months.
According to the latest min ...
Thursday, 06 September 18
SUPRAMAX: SE ASIA-INDO ROUNDS WITH COAL HAVE BEEN CONCLUDED IN THE $13000S RANGE - FEARNLEYS
Capesize
The big ships experiencing a bump in the road towards what is commonly expected to be by far the best period of this year. Average dai ...
Wednesday, 05 September 18
ASIAN DEMAND COULD CREATE DEFICIT IN GLOBAL LNG MARKET - FITCH RATINGS
Growing gas demand from Asia, particularly from China, could swing the liquefied natural gas (LNG) market into a deficit by 2022-2025, Fitch Rating ...
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Showing 1626 to 1630 news of total 6871 |
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- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Bharathi Cement Corporation - India
- The University of Queensland
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Petron Corporation, Philippines
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Madhucon Powers Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Aditya Birla Group - India
- MS Steel International - UAE
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- SMC Global Power, Philippines
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- Kalimantan Lumbung Energi - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Tamil Nadu electricity Board
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Semirara Mining Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
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