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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 unsustainably low freight rates is still a major challenge ten years after the massive downturn of 2008.
Mr Bennett said: “In that time shipping companies needed to show restraint when ordering new ships, to prevent stifling recovery. Yet the dark clouds of protectionism and slowing growth in key economies mean that the avoidance of overordering is now more important than ever.”
Addressing an audience of shipowners and operators at the Global Maritime Summit 2019, organised in conjunction with the Turkish Chamber of Shipping, Mr Bennett acknowledged that individual operators would legitimately make their own individual business decisions regarding new tonnage.
“Opinion is still divided on whether the rapid globalisation that has been experienced in the last thirty years may have run its course, and whether the slower rate of trade growth seen since the 2008 crisis represents some kind of permanent structural change,” he said. “Certainly in 2019, the outlook for the global economy and thus demand for maritime transport appears to be worsening.
“Ship ordering (in deadweight tonnage) fell 14% in 2018, about 17% below the average since the 2008 downturn. This suggests that many shipowners may indeed be resisting the temptation to over order and in early 2019, the worldwide shipping order book appeared to be stable at around 10% of the fleet,” he said. “However, the reluctance of governments in Asia, where the vast majority of ships are built, to address overcapacity in the shipbuilding sector remains a serious issue.”
Mr Bennett explained: “As well as the temptation to over order, decisions about when to recycle older ships are also fundamental to the equation. The good news is that a number of important regulatory uncertainties which have complicated decisions about when best to dispose of older ships are finally being resolved.
“In particular this includes the implementation dates of the IMO Ballast Water Management Convention. And while the precise cost of compliance with the IMO sulphur regulations is still unknown, the situation should become clearer after January 2020 now that IMO has confirmed that the implementation date of the global sulphur cap is irrevocable.”
ICS is also encouraged by the decision in 2018 by the Organization for Economic Co-operation and Development (OECD) to resume negotiations on an agreement to remove market distorting measures from shipbuilding that contribute to overcapacity. However it remains to be seen whether China (which is not an OECD member) will take an active part.
“Notwithstanding the risks of uncertainty in the immediate years ahead, in the long term there is always cause to remain optimistic,” said Mr Bennett. “The UN has revised its projections for population growth upwards to an incredible 8.6 billion in 2030 from 7.7 billion in 2018. Combined with seemingly unstoppable demand for higher living standards in emerging economies, this indicates that long term demand for international shipping should continue to increase significantly.”
Source: ICS
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Wednesday, 29 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
Reflecting on the first quarter of 2019, the product tanker market was healthy, with average earnings significantly up compared to the first quarte ...
Sunday, 26 May 19
SUPRAMAX: A LIMITED ACTIVITY WAS REPORTED, WITH THE UPCOMING INDONESIAN HOLIDAYS SLOWING COAL MOVEMENTS - BALTIC BRIEFING
Capesize
The past week marked one of the busier periods for Capesizes this year. With a subdued start due to a public holiday in Singapore on M ...
Wednesday, 22 May 19
SHIPPING MARKET INSIGHT - INTERMODAL
The ship repair sector is showing a constant and gradual increase on the workload throughout the past months, with almost all the shipyards worldwi ...
Saturday, 18 May 19
SUPRAMAX: 56,000DWT OPEN PANJANG FIXING AT $10,500 FOR A TRIP VIA INDONESIA, AND REDELIVERY CHINA - BALTIC EXCHANGE
Capesize
The market continues to ebb and flow with a generally positive up trend. The Capesize 5TC opened with upward momentum from last week&r ...
Friday, 17 May 19
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remained flat during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
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- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- The Treasury - Australian Government
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Bharathi Cement Corporation - India
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Mercator Lines Limited - India
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Agrawal Coal Company - India
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Georgia Ports Authority, United States
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- GAC Shipping (India) Pvt Ltd
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Australian Coal Association
- Electricity Authority, New Zealand
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
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