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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, 30 November 19
IMO2020 GLOBAL SULPHUR CUT: GERMAN SHIPPING TO USE NEW TYPE OF FUEL VDR SURVEY
IMO2020 Global sulphur cut: German shipping to use new type of fuel VDR survey: Technical issues and costs are the biggest challenges - VDR
&nb ...
Saturday, 30 November 19
PANAMAX: LEVELS IMPROVED IN THE PACIFIC MARKET TOO WITH $11,000 BEING CONCLUDED ON AN 81,000DWT SHIP FOR AN INDONESIA TO CHINA COAL TRIP - BALTIC BRIEFING
Capesize
The market has been well supported over the past week, led primarily by the Atlantic Basin. After bottoming last week, sentiment was s ...
Friday, 29 November 19
FITCHRATINGS MAINTAINS NEGATIVE 2020 OUTLOOK ON SHIPPING, AS TIGHTER SUPPLY HELPS, BUT SOFTER DEMAND DRAGS
Fitch’s Sector Outlook: Negative
We maintain a negative sector outlook for global shipping because of the forecast slowdown of ...
Friday, 29 November 19
INDONESIA PRODUCES 390 MLN TONNES OF COAL IN JAN-SEPT: MINISTER - REUTERS
Indonesia’s production of coal for the January-September period was 390 million tonnes, Energy and Mineral Resources Minister Arifin Tasrif s ...
Wednesday, 27 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the end of the fourth quarter is approaching, one could say that the wet market has maintained the strong pace observed during the third qu ...
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- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- The University of Queensland
- Kalimantan Lumbung Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Development Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Business Power Corporation, Philippines
- Eastern Energy - Thailand
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- PTC India Limited - India
- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Anglo American - United Kingdom
- Binh Thuan Hamico - Vietnam
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Australian Coal Association
- ASAPP Information Group - India
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Sakthi Sugars Limited - India
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Videocon Industries ltd - India
- Agrawal Coal Company - India
- Kobexindo Tractors - Indoneisa
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Bhatia International Limited - India
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
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