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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- Uttam Galva Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Lanco Infratech Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Indo Tambangraya Megah - Indonesia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Ambuja Cements Ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- White Energy Company Limited
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- GAC Shipping (India) Pvt Ltd
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Kaltim Prima Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Metalloyd Limited - United Kingdom
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Jindal Steel & Power Ltd - India
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Indonesian Coal Mining Association
- Australian Coal Association
- Parliament of New Zealand
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
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