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