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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, 06 March 19
SHIPPING MARKET INSIGHT - INERMODAL
In a downward moving market, softer SnP activity is usually a given, as the gap between Sellers’ and Buyers’ ideas widens, especially w ...
Saturday, 02 March 19
A 60,500-TONNER WAS BOOKED DELIVERY SINGAPORE, VIA INDONESIA, REDELIVERY WEST COAST INDIA, AT $11,250 - BALTIC BRIEFING
Capesize
Vale’s ongoing absence from the Brazil spot market continued to have a negative impact on sentiment, with rates falling in all a ...
Thursday, 28 February 19
COAL'S PERFECT STORM HITS $70 BILLION AUSTRALIAN PROJECTS - BLOOMBERG
It’s been a tough few weeks for our coal industry.
First there was a court ruling blocking a new mine on climate change ground ...
Wednesday, 27 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
With the IMO 2020 approaching, it becomes challenging for the market to accurately explore the run-up to the deadline given that marine fuel-oil of ...
Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Kobexindo Tractors - Indoneisa
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Aditya Birla Group - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Standard Chartered Bank - UAE
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Independent Power Producers Association of India
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Sinarmas Energy and Mining - Indonesia
- ICICI Bank Limited - India
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Ind-Barath Power Infra Limited - India
- Thai Mozambique Logistica
- Energy Link Ltd, New Zealand
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- SMG Consultants - Indonesia
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Minerals Council of Australia
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- MS Steel International - UAE
- Xindia Steels Limited - India
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Price Waterhouse Coopers - Russia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Agrawal Coal Company - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- The University of Queensland
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
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