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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, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
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Showing 1736 to 1740 news of total 6871 |
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- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pendopo Energi Batubara - Indonesia
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Vedanta Resources Plc - India
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- Trasteel International SA, Italy
- ASAPP Information Group - India
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- San Jose City I Power Corp, Philippines
- Thai Mozambique Logistica
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Intertek Mineral Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- White Energy Company Limited
- Planning Commission, India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- The Treasury - Australian Government
- VISA Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- PTC India Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
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