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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, 13 November 19
INDONESIAN NOVEMBER COAL PRICE REFERENCE LOGS FIRST GAIN SINCE AUGUST
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Wednesday, 13 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
The improvements seen in the dry bulk market during the unexpectedly strong Q3 brought enthusiasm and optimism for a last quarter rally. Indeed as ...
Tuesday, 12 November 19
COAL IMPORTS AT MAJOR PORTS SLIP 18 PC TO 51 MT IN APRIL-OCTOBER - ECONOMIC TIMES
The Indian Ports Association (IPA), which maintains cargo data handled by these 12 ports, in its recent report, said "percentage variation fro ...
Monday, 11 November 19
EMINENT MARITIME ORGANIZATIONS AND INDIVIDUALS WERE HONORED
SHIPTEK 2019 Anchors in Greece for its 12th edition.
Eminent Maritime Organizations and Individuals were honored
Greec ...
Wednesday, 06 November 19
SHIPPING MARKET INSIGHT - INTERMODAL
With less than two months before the end of the year, the shipping and refining industries have already taken measures and invested to accommodate ...
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- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Straits Asia Resources Limited - Singapore
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Coal Council - USA
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- VISA Power Limited - India
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Maheswari Brothers Coal Limited - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Holcim Trading Pte Ltd - Singapore
- Planning Commission, India
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Madhucon Powers Ltd - India
- The University of Queensland
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
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