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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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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Coal and Oil Company - UAE
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Sarangani Energy Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Goldman Sachs - Singapore
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- New Zealand Coal & Carbon
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Economic Council, Georgia
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Grasim Industreis Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- London Commodity Brokers - England
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
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