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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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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
Tuesday, 19 February 19
AUSTRALIA'S COAL FUTURE UNDER THREAT AS MORE CHANGES HIT FOSSIL FUELS GLOBALLY - ABC
Two disparate decisions from opposite corners of the world have sounded warnings for the future of Australia’s coal industry.
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- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Economic Council, Georgia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- PNOC Exploration Corporation - Philippines
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- CNBM International Corporation - China
- Tamil Nadu electricity Board
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Bharathi Cement Corporation - India
- Metalloyd Limited - United Kingdom
- Sical Logistics Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Kideco Jaya Agung - Indonesia
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Madhucon Powers Ltd - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Romanian Commodities Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Ministry of Mines - Canada
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Pipit Mutiara Jaya. PT, Indonesia
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
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