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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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Saturday, 11 January 20
BALTIC BRIEFING TANKER REPORT - WEEK 2
VLCC
Escalating tensions between the USA and Iran, in addition to a continuing strong market, made for an interesting week, with rates firming ...
Saturday, 11 January 20
SUPRAMAX: INDONESIA COAL RUNS, A 58,000DWT SHIP WAS RUMOURED FIXED DELIVERY KALIMANTAN, REDELIVERY WEST COAST INDIA, IN THE $4,000S - BALTIC BRIEFING
Capesize
Closing out the first full trading week of 2020, the Capesize market is struggling to gain any solid positive upward traction. Opening ...
Friday, 10 January 20
CHINA'S BENCHMARK POWER COAL PRICE REMAINS FLAT - XINHUA
China’s benchmark power coal price remains flat
China’s benchmark power coal price remained flat during the past week.
...
Thursday, 09 January 20
NEW IMO LIFEBOAT REQUIREMENTS ENTER INTO FORCE - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Three new compulsory IMO resolutions entered into force on 1 January 2020. These resolutions deal with the maintenance, t ...
Thursday, 09 January 20
INDIA'S NEW EASED MINING RULES TO ENHANCE FOREIGN PARTICIPATION IN COAL SECTOR: MINISTER
India’s cabinet has eased mining laws in a bid to attract foreign players to the domestic coal sector and reduce imports of the fuel, coal mi ...
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- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- India Bulls Power Limited - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- Mjunction Services Limited - India
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Savvy Resources Ltd - HongKong
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Dalmia Cement Bharat India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Agrawal Coal Company - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Thiess Contractors Indonesia
- Iligan Light & Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- CNBM International Corporation - China
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- ASAPP Information Group - India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
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