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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
 For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market in the second half of this year has buoyed optimism amongst the people in the industry. Yet if you are to ask most shipowners if they are optimistic you will get a “yes...but...” reply.
On the dry bulk ship supply side (>20,000dwt), the world fleet has increased by 241 vessels year-on-year corresponding to a growth of about 2,4%, while one year earlier it was below 2%. Nonetheless, it's still a moderate fleet increase versus 4.4% percent real GDP growth of the emerging market and developing economies. For example, Bangladesh has 7.3% GDP Growth in 2019 and has also secured the top position in the world in achieving the highest GDP during the last 10 years.
The current dry bulk orderbook – not including slippage/cancellations – stands at 8.7% of the world fleet. Whilst there has been little order replenishment of bulk carriers in 2019, the orderbook is today merely bigger than what it was a year ago by about 50 vessels. Furthermore, we are amidst of environmental regulations coming into force, with water ballast management systems being retrofitted (or not) and the bunkers already transitioning to comply with the 2020 sulphur cap.
Compared to the same time last year we have about 80 more vessels over 20years old, and all the bulk carriers older than 20 years represent 9,5% of the dry bulk fleet.
On the tanker segment, things aren't less complicated. So far in 2019 there is less demolition activity, but also less new orders, while more ships have been delivered from the builders. The tanker fleet (>25,000dwt) has increased by about 3.5% led by MR tankers which increased by about 70 vessels, VLCCs followed with 55 vessels, 37 Aframaxes and just 15 Suezmaxes. The orderbook has not been replenished and is actually about 25% smaller than before, it represents about 7.7% of the trading fleet down from 10% same time last year. This rationalization of the orderbook, lays the foundation for a better future for the segment from the supply side alone.
On the other side of the equation for both dry and wet segments, there still is a growing demand for seaborne transportation. And while previously there were production disruptions, economic concerns, as well as political reasons that combined were suppressing the market, now there seems to be another combination that allows the freight rates to improve and drive the real demand for seaborne trade. The population continues to expand, emerging countries continue to absorb shipping goods and raw materials, so - still being the most fuel efficient and environmental friendly form of commercial transport – seaborne trade will continue to grow.
Although nobody can foresee if the current freight market is sustainable or not, the fundamentals suggest so, at least for the short term. We will continue to have supply disruptions, limited ordering and fleet expansion on the one side, and solid growth from the developing and emerging economies on the other. So, as we have many times argued that shipping is an infinite game and the objective of the players is to perpetuate the game, as we enter a new era with higher environmental awareness, it's a good entry point for investments and the upside is there as long as shipowners are patient and avoid overreactions.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Thursday, 23 January 20
AFRICAN POWER PLATFORM PUBLISHES REPORTS ON POWER SECTOR FRAMEWORK FOR SELECTED AFRICAN COUNTRIES
Press Release: African Power Platform publishes Reports on Power Sector Framework for selected African Countries
With the repo ...
Thursday, 23 January 20
COAL-BASED ELECTRICITY GENERATION SURGES 95% IN 2019 - PROFIT PAKISTAN TODAY
Coal-based power generation jumped 94.5 percent to 2,030 Gigawatt hours (GWh) in the year to November 2019, taking its share in the country’s ...
Wednesday, 22 January 20
INDIA: COAL PRODUCTION FROM CAPTIVE MINES RAISES 24% OUTPUT IN APRIL TO DECEMBER - FINANCIAL EXPRESS
Coal production from captive mines in the first nine months of the ongoing financial year was up 24% year-on-year (y-o-y) at 40.93 million tonne (M ...
Wednesday, 22 January 20
SHIPPING MARKET INSIGHT - INTERMODAL
It seems that we are finally seeing whitish smoke as far as the trade feud between the US and China is concerned, while following this much anticip ...
Tuesday, 21 January 20
IRON ORE - 5 THINGS TO WATCH IN 2020 - WOOD MACKENZIE
Wood Mackenzie identifies five trends that will impact the iron ore industry.
Slower demand growth (especially in China) and a decen ...
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- Minerals Council of Australia
- Bhatia International Limited - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement - Thailand
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Parry Sugars Refinery, India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Anglo American - United Kingdom
- Planning Commission, India
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Wilmar Investment Holdings
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- The University of Queensland
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
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