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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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Friday, 18 October 19
SINGAPORE'S APEX TO LAUNCH LOW-SULFUR FUEL OIL CONTRACT AHEAD OF NEW SHIPPING RULES - REUTERS
Singapore-based Asia Pacific Exchange (APEX) will launch a low-sulfur fuel oil (LSFO) futures contract on Friday aimed at helping shipping and ener ...
Thursday, 17 October 19
INDIA READIES POLICY TO ATTRACT FOREIGN INVESTMENT IN COAL MINING - REUTERS
India expects to have formulated a policy within the next two weeks to attract foreign investment to its coal mining industry, the country’s ...
Wednesday, 16 October 19
INDIA CALLS FOR A RESET OF CLIMATE DEBATE ON COAL AS A FUEL - LIVEMINT
India on Tuesday called for a reset on climate debate on coal as a fuel, in the backdrop of India becoming one of the top renewable energy producer ...
Wednesday, 16 October 19
LESSONS LEARNT FROM CREW INJURED IN HEAVY WEATHER - UK P&I CLUB COMMENTS
KNOWLEDGE TO ELEVATE
Stuart Edmonston, Loss Prevention at UK P&I Club, discusses an incident in which crew were injured whilst on deck in ...
Wednesday, 16 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
In perhaps the most interesting market conditions of the past years, the tanker and the dry bulk industry have created a positive sentiment with re ...
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- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- San Jose City I Power Corp, Philippines
- Wilmar Investment Holdings
- Cement Manufacturers Association - India
- Vedanta Resources Plc - India
- Bulk Trading Sa - Switzerland
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- The Treasury - Australian Government
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Marubeni Corporation - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Xindia Steels Limited - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- Economic Council, Georgia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Meenaskhi Energy Private Limited - India
- Eastern Energy - Thailand
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- International Coal Ventures Pvt Ltd - India
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Central Electricity Authority - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- India Bulls Power Limited - India
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- CNBM International Corporation - China
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
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