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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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Sunday, 15 September 19
SUPRAMAX / ULTRAMAX: MORE STEMS WERE NOTICED GOING TO VIETNAM FROM INDONESIA - BALTIC BRIEFING
Capesize
Overall it was a negative week for the Capesize market, with many routes losing ground. A limited amount of time charter appeare ...
Wednesday, 11 September 19
THE INDONESIAN COAL PRICE REFERENCE FELL HEAVILY IN SEPTEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 11 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
We are going through one of the rare instances where we see optimism building in the dry bulk industry and, as the momentum is still going, the bel ...
Monday, 09 September 19
INDIAN COMPANIES READY TO INVEST IN DEVELOPMENT OF NEW COAL DEPOSITS IN RUSSIA'S YAKUTIA - TASS
Indian metallurgical companies, which received trial batches of coal from Kolmar mining company, are satisfied with the quality of the products and ...
Monday, 09 September 19
COLOMBIA COAL OUTPUT DOWN YEAR-ON-YEAR IN 2ND QUARTER - REUTERS
Colombia, the world’s fifth-largest exporter of coal, produced 18.9 million tonnes of the fuel in the second quarter, down 4.5% from the same ...
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- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- White Energy Company Limited
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- The Treasury - Australian Government
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- GMR Energy Limited - India
- Central Java Power - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Marubeni Corporation - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Samtan Co., Ltd - South Korea
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Mjunction Services Limited - India
- Central Electricity Authority - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Renaissance Capital - South Africa
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- Eastern Energy - Thailand
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Sidhee Cement - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Planning Commission, India
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Sical Logistics Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Parliament of New Zealand
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
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