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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, 02 January 20
SULPHUR 2020 COMPENDIUM - HOW ARE INDIVIDUAL PORT STATES EXPECTED TO REACT? - STANDARD CLUB
KNOWLEDGE TO ELEVATE
With the new sulphur limits soon to be in force, Standard Club has been investigating the ways in which certain jurisdict ...
Monday, 30 December 19
AUSTRALIAN MINERS HIT BY LOWEST THERMAL COAL PRICE IN MORE THAN A DECADE - THE GUARDIAN
Australian coal exporters have experienced the biggest annual drop in thermal coal prices in more than a decade during 2019, raising doubts about i ...
Monday, 30 December 19
INDIA'S COAL IMPORTS RISE 4% TO 161.43 MT IN APRIL-NOVEMBER 2019 - PTI
The country’s coal imports registered an increase of 4.4 per cent to 161.43 million tonnes (MT) in the April-November period of the ongoing f ...
Sunday, 29 December 19
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Sunday, 29 December 19
IMO 2020 COMPLIANCE: IT'S UP TO US TO BE GOOD CITIZENS - IBIA
One of the concerns around implementation of the 0.50% sulphur limit has been, and continues to be, the need for effective enforcement to ensure a ...
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Showing 1216 to 1220 news of total 6871 |
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- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Bangladesh Power Developement Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- MS Steel International - UAE
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Mjunction Services Limited - India
- Parry Sugars Refinery, India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
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