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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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Tuesday, 17 September 19
THE DRY BULK FREIGHT MARKET IS ALREADY ON A DOWNWARD CORRECTION - ALLIED
Here we are again, just a breath before the final quarter of the year. Under typical circumstances and on the basis of what we have seen during the ...
Monday, 16 September 19
COLOMBIAN COAL PRODUCTION TO FALL 5% THIS YEAR, MINING GROUP SAYS - REUTERS
Colombia’s coal production will decline to around 80 million tonnes in 2019, nearly 5% below last year’s, because of low prices and dro ...
Monday, 16 September 19
THE COAL-D SHOULDER? - BALTIC EXCHANGE
Good fortune and the number 13 don’t usually go hand in hand, but when it comes to coal, 2013 actually seems to have been the commodity&rsquo ...
Monday, 16 September 19
SCRUBBERS AND FUEL PROFIT SHARE CLAUSES - CLYDE&CO
From 1 January 2020, Regulation 14 of MARPOL Annex VI provides that the sulphur content in fuel oil used on board ships shall be reduced from a max ...
Monday, 16 September 19
KOREA SOUTH-EAST POWER INVITES BIDS FOR MAX 1,290,000 METRIC TONS OF STEAMING COAL
COALspot.com: South Korea’s Korea East-West Power Co. Ltd has issued an international tender for total 1,290,000 Metric Tons steam coal.
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- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Thiess Contractors Indonesia
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- White Energy Company Limited
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Sical Logistics Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- South Luzon Thermal Energy Corporation
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
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