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Thursday, 06 December 18
DEMAND RISKS WEIGH ON GLOBAL SHIPPING SECTOR OUTLOOK - FITCH RATINGS
 The global shipping sector outlook remains negative reflecting the demand-side risks of protectionism and slower economic growth, Fitch Ratings says. Higher fuel costs and sulphur regulation will also put pressure on shippers. Partly offsetting an unfavourable environment are emerging signs of better capacity management by shipping companies, which is key to a sustainable balance and freight rates that support consistent profitability. We expect better fundamentals in container and dry bulk, while capacity growth will weigh on tankers. The key risk to shipping is an escalation of protectionist measures that would damage global trade and GDP growth.
Free global trade is vital for shipping development – about 80% of world trade in goods is carried by ships. More stringent fuel regulations regarding sulphur content could significantly increase operating costs and capex requirements in all shipping segments. This may negatively affect financials unless shippers pass these costs to customers. However, the product tanker market may benefit from these regulations as seaborne trade of low sulphur fuel is likely to increase as a result.
We expect healthy, albeit slower volume growth, in 2019 in container shipping. But supply and demand should be more balanced as fewer new vessels come onto the market. This should provide support to freight rates. Container shipping has become more consolidated with top five players accounting for 63% of the market in 2018 compared to only 31% in 2000, which is beginning to help with coordinated capacity deployment.
We expect freight rates in dry bulk to remain flat on average in 2019 based on balanced volumes and net fleet growth of about 3%. Any escalation of global trade conflicts, especially between the US and China, could affect cargo flows, especially for grains and minor bulk. However, we see the risk of a material reduction of overall demand and rates to be low. This is because commodity trade flows are likely to shift, rather than stop. For example, Chinese tariffs on US grain imports caused an increase in South American exports to China, while US soybeans have been directed to European and Middle Eastern markets.
Potential overcapacity weighs on the tanker sector. We forecast net tanker capacity to grow at about 3%, up from about 1.5% in 2018. The sector may face downside risks from oil demand and supply. US Energy Information Administration (EIA) forecasts global oil consumption in 2019 to rise 1.4%, down slightly from a 1.5% increase in 2018. The impact of US sanctions on Iranian crude oil exports as well as OPEC’s decision on production volumes in December meeting are likely to affect oil supply and, as a result, demand for tankers
Source: Fitch Ratings
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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Chamber of Mines of South Africa
- Baramulti Group, Indonesia
- Timah Investasi Mineral - Indoneisa
- PNOC Exploration Corporation - Philippines
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Kapuas Tunggal Persada - Indonesia
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Interocean Group of Companies - India
- International Coal Ventures Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- Cigading International Bulk Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Transport, Egypt
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Aboitiz Power Corporation - Philippines
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Kohat Cement Company Ltd. - Pakistan
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Neyveli Lignite Corporation Ltd, - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- The University of Queensland
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- CIMB Investment Bank - Malaysia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Bhushan Steel Limited - India
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- PTC India Limited - India
- White Energy Company Limited
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