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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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Monday, 07 May 18
SOUTH KOREA STATE-OWNED UTILITY KOREA MIDLAND POWER ISSUED A TENDER FOR 1 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 520,000 mt of min. 5700 NAR coal of Australian origi ...
Monday, 07 May 18
GLOBAL COAL DEMAND ROSE ABOUT 1% IN 2017; ASIA ACCOUNTED FOR THE LARGEST INCREASE IN COAL DEMAND, UP 35 MTOE RELATIVE TO 2016 - IEA
Global coal demand rose about 1% in 2017, reversing the declining trend seen over the last two years. This growth was mainly due to demand in Asia, ...
Friday, 04 May 18
ELECTRICITY GENERATION FROM RENEWABLES WAS SECOND ONLY TO COAL IN 2017 - IEA
World electricity demand increased by 3.1 %, significantly higher than the overall increase in energy demand. Together, China and India accounted f ...
Thursday, 03 May 18
SUPRAMAX: INDO - CHINA COAL ROUNDS ARE PAYING IN THE LOW-MID $12000 BSS SINGAPORE DELIVERY - FEARNLEYS
Supramax
As expected a slow and uneventful start to the week with holidays in many countries, however by mid-week some fresh requirements and pos ...
Tuesday, 01 May 18
SUPRAMAX: COAL RUNS, A 61,000-DWT WAS FIXED BASIS DELIVERY SURABAYA, FOR A TRIP VIA INDONESIA, RE-DELIVERY INDIA AT $15,000 - BALTIC BRIEFING
Capesize
Rates eased in the East, as the week closed out with the momentum slowing. Levels on the key West Australia/China run dropped to $7.25 ...
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Showing 1726 to 1730 news of total 6871 |
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- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Kartika Selabumi Mining - Indonesia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Cigading International Bulk Terminal - Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Australian Coal Association
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Economic Council, Georgia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Minerals Council of Australia
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
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