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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, 20 November 19
FOREIGN DIRECT INVESTMENTS IN COMMERCIAL COAL MINING IN INDIA? - DIPESH DIPU
In August 2019, Government of India announced its approval for Foreign Direct Investment (FDI) for coal mining, processing and sale. Not that FDI i ...
Wednesday, 20 November 19
AUSTRALIA'S NEW HOPE POSTS 66% SURGE IN Q1 SALEABLE COAL OUTPUT - REUTERS
Australian coal producer New Hope Corp Ltd reported on Tuesday a 66% jump in saleable coal production in the first quarter, as output ramped up at ...
Wednesday, 20 November 19
THE IMO AND THE PRICE OF GAS OR THE IMPACT OF THE INTERNATIONAL MARITIME ORGANISATION'S SULPHUR 2020 LIMIT FOR MARINE FUEL OIL ON THE PRICE OF GAS - KING & SPALDING
The main bunker fuel for ships is High Sulphur Fuel Oil (HSFO, with sulphur up to 3.5% m/m (mass by mass)). This will all change on 1 January 2020 ...
Wednesday, 20 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
While the market expects the next OPEC meeting, there are still no clear signs indicating that the organization will keep supporting oil prices, wh ...
Monday, 18 November 19
CHINA RECORDS STABLE COAL PRODUCTION IN JAN-OCT: XINHUA
China’s raw coal output registered stable growth in the first 10 months, while its imports remained robust, official data showed.
...
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- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- Marubeni Corporation - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Simpson Spence & Young - Indonesia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Indika Energy - Indonesia
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Mintek Dendrill Indonesia
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Meenaskhi Energy Private Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- New Zealand Coal & Carbon
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- PTC India Limited - India
- Dalmia Cement Bharat India
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
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