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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, 30 May 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
Among several hot topics that will be discussed during the Posidonia week, the International Maritime Organization regulation that will be enforced ...
Tuesday, 29 May 18
BLOCKCHAIN CAN HAVE A TRANSFORMATIVE EFFECT ON THE SHIPPING INDUSTRY
KNOWLEDGE TO ELEVATE
Following the launch of a legal briefing on blockchain contracts from UK P&I Club, Claims Executive, Filip Koscieleck ...
Tuesday, 29 May 18
INDIA'S COAL IMPORT DECLINES IN APRIL AMID DIVERSION TO THERMAL POWER PLANTS - PTI
India’s coal import fell by 9 percent to 17.32 million tonnes (MT) in April on the back of ample supply of dry fuel from domestic sources.
...
Monday, 28 May 18
COAL SUPPLY DIVERSION IRKS INDUSTRIES DEPENDENT ON CAPTIVE POWER PLANTS - HINDU BUSINESS LINE
The government’s move to prioritise coal supplies to power plants with minimal coal stock has disrupted fuel supply to some sectors, which ha ...
Monday, 28 May 18
KOMIPO ISSUED ANOTHER TENDER FOR 130K MT OF 5700 NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 130,000 mt of min. 5700 NAR coal of Australian origi ...
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Showing 1711 to 1715 news of total 6871 |
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- Ceylon Electricity Board - Sri Lanka
- Kepco SPC Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Borneo Indobara - Indonesia
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Riau Bara Harum - Indonesia
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Chettinad Cement Corporation Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- The University of Queensland
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Parliament of New Zealand
- Altura Mining Limited, Indonesia
- Semirara Mining Corp, Philippines
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Bhatia International Limited - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Australian Coal Association
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