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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, 04 September 18
SUPRAMAX: THE ASIAN SECTOR REMAINED ACTIVE WITH RATES STILL FIRM ESPECIALLY IN SE ASIA - BALTIC BRIEFING
Capesize
A turnaround in fortunes for the big ships, with a few slower days in the market. A build-up of tonnage and a lack of Brazil cargoes r ...
Thursday, 30 August 18
SUPRAMAX: CIS COAL TO FAR EAST WENT AT MID TENS AND TO SE ASIA AT CA USD 8000 - FEARNLEYS
Capesize
There was a slow start this week with holiday in UK on Monday. The index has been slowly coming off since then; The C5 route has seen ...
Wednesday, 29 August 18
MID-YEAR FY19 POWER OUTLOOK: IMPORTED COAL REQUIREMENT TO INCREASE DURING REMAINING FY19: IND-RA
India Ratings and Research (Ind-Ra) has maintained a stable-to-negative outlook on the Indian power sector for the remaining FY19, despite a rise i ...
Wednesday, 29 August 18
IMPACT ON CHARTERPARTIES - TIME TO ACT NOW : NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
The challenges introduced by the global sulphur cap are not exclusively technical. The new limits are likely to impact co ...
Tuesday, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
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Showing 1631 to 1635 news of total 6871 |
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- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Chamber of Mines of South Africa
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- SMC Global Power, Philippines
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- MS Steel International - UAE
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Ministry of Finance - Indonesia
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Aditya Birla Group - India
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Sarangani Energy Corporation, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
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