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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, 11 October 19
KOREA SOUTH-EAST POWER TO IMPORT LCV COAL IN NOVEMBER
COALspot.com: South Korea’s Korea South-East Power Co., Ltd. (KOEN) has issued an international tender for 75,000 Metric Tons low calorific v ...
Thursday, 10 October 19
THERMAL COAL IMPORT LIKELY TO CROSS 200 MT IN 2019-20 - TIME OF INDIA
The country's overall thermal coal import is likely to cross the 200-million tonnes (MT) mark in the current financial year, according to Icra. ...
Wednesday, 09 October 19
SHIPPING MARKET INSIGHT - INTERMODAL
As we have already stated in previous insights, we had expected that the recovery on rates and activity across all segments in the offshore market ...
Thursday, 03 October 19
OIL PRICE ASSUMPTIONS UNCHANGED, NBP GAS PRICE LOWERED - FITCH RATINGS PRIMARY - FITCH RATINGS
Our oil price assumptions are unchanged, despite the recent price volatility following the attacks on Saudi Arabia's oil infrastructure, Fitch ...
Thursday, 03 October 19
SHIPPING MARKET INSIGHT
Edible oil products across the board are showing healthy amount of export activity, however, rates in most cases are struggling to move accordingly ...
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- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- The University of Queensland
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Eastern Coal Council - USA
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Savvy Resources Ltd - HongKong
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Siam City Cement - Thailand
- Parliament of New Zealand
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Planning Commission, India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- The State Trading Corporation of India Ltd
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
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