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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, 19 December 19
COAL POWER GENERATION CONTINUES TO DECLINE IN GERMANY: DESTATIS, XINHUA REPORTED
The volume of electricity generated in coal-fired power plants in Germany decreased “markedly” by 37 percent to 34 billion kilowatt-hou ...
Thursday, 19 December 19
BANGLADESH'S NBR CUTS VAT ON COAL IMPORT FOR POWER PLANTS - THE DAILY STAR
The National Board of Revenue (NBR) reduced value added tax on the import of coal for power plants to 5 percent from present 15 percent for five ye ...
Wednesday, 18 December 19
AVERAGE PRICES OF COAL IN 2018 WERE MORE THAN 60% HIGHER THAN IN 2016 - IEA
Coal use grew again in 2018.
Global coal demand increased by 1.1%, continuing the rebound that began in 2017 after three years of decline ...
Wednesday, 18 December 19
ASIA IS SET TO SUPPORT GLOBAL COAL DEMAND FOR THE NEXT FIVE YEARS - IEA
Press Release: Global coal demand is expected to decline in 2019 but remain broadly stable over the next five years, supported by robust growth in ...
Wednesday, 18 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we all know very well by now, the reduction in the maximum allowable sulphur content of marine fuels in 2020 is likely to have a massive impact ...
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- Sindya Power Generating Company Private Ltd
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Indian Energy Exchange, India
- Banpu Public Company Limited - Thailand
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- PTC India Limited - India
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Parliament of New Zealand
- Eastern Coal Council - USA
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Kohat Cement Company Ltd. - Pakistan
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Georgia Ports Authority, United States
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Parry Sugars Refinery, India
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
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