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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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Monday, 21 October 19
SHIPPERS CHANGE COURSE AS FUEL RULES TARGET SULPHUR EMISSIONS - WOOD MACKENZIE
The International Maritime Organization (IMO), the industry’s regulator, will require all ships to reduce the level of sulphur in their engin ...
Monday, 21 October 19
COAL TO PLAY SIGNIFICANT ROLE IN SOUTH AFRICA POWER MIX - MINISTER, REUTERS REPORTED
South Africa’s plans for additional power generation over the next decade will involve a variety of energy sources, with coal still playing a ...
Monday, 21 October 19
ULTRAMAX: IN ASIA, TRIPS FROM THE SINGAPORE AREA WERE PAYING BETWEEN $14,000 AND $16,000, DEPENDING ON THE VESSEL SIZE AND DURATION - BALTIC BRIEFING
Capesize
The market traded in a relatively stable supported manner in the Pacific this week while the Atlantic experienced weakening turbulence ...
Friday, 18 October 19
WHY CRUDE TANKER RATES JUST FELL (HALFWAY) BACK TO EARTH - FREIGHT WAVES
Panic drove crude-tanker rates up, very briefly, to mind-bogglingly high assessed levels of around $300,000 per day. Now, the fear factor has been ...
Friday, 18 October 19
SHORT TERM STRENGTH FOR OZ COMMODITIES - BALTIC BRIEFING
Volatility in the global commodity markets is not expected to unduly rattle Australia’s commodity outlook through 2020, but the 2021 picture ...
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- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Mjunction Services Limited - India
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Georgia Ports Authority, United States
- Global Business Power Corporation, Philippines
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Bulk Trading Sa - Switzerland
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Aditya Birla Group - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- The University of Queensland
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Edison Trading Spa - Italy
- White Energy Company Limited
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- SMG Consultants - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Directorate Of Revenue Intelligence - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Malabar Cements Ltd - India
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Grasim Industreis Ltd - India
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