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