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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- MS Steel International - UAE
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Australian Coal Association
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Metalloyd Limited - United Kingdom
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- VISA Power Limited - India
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Sakthi Sugars Limited - India
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Heidelberg Cement - Germany
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Grasim Industreis Ltd - India
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