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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, 07 December 19
CHINA'S BENCHMARK POWER COAL PRICE DROPS SLIGHTLY - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 07 December 19
SOUTH AFRICAN COAL PRICE SURGE, WHILE OTHERS LANGUISH, IS TROUBLING - REUTERS
Coal prices around the world are gently sliding as demand from top importers such as China, India and even Europe remains subdued amid a so far mil ...
Saturday, 07 December 19
SUPRAMAX: OVERALL, THE BALTIC SUPRAMAX INDEX REMAINED IN POSITIVE MODE, DESPITE SOME AREAS LACKING FRESH ACTIVITY - BALTIC BRIEFING
Capesize
This week the Capesize market maintained healthy earnings, as an end of year surge took the Capesize 5TC back up to $25,202 by mid-wee ...
Friday, 06 December 19
INDONESIA COAL BENCHMARK PRICE FOR DECEMBER INCREASES BY US 3 CENTS MOM
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Thursday, 05 December 19
IMO 2020 IS ABOUT TO GET REAL - GAVIN THOMPSON
As I write this edition of the APAC Energy Buzz from my desk in Singapore I can see ships. Lots of ships. No surprise given that Singapore is among ...
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- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Indika Energy - Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Marubeni Corporation - India
- Posco Energy - South Korea
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Australian Coal Association
- Heidelberg Cement - Germany
- White Energy Company Limited
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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