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