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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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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
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 ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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- Alfred C Toepfer International GmbH - Germany
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- Latin American Coal - Colombia
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Petron Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Siam City Cement - Thailand
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- MS Steel International - UAE
- Price Waterhouse Coopers - Russia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Coastal Gujarat Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- ICICI Bank Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
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