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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, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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- Kepco SPC Power Corporation, Philippines
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Siam City Cement - Thailand
- Central Electricity Authority - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- ICICI Bank Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Georgia Ports Authority, United States
- Indonesian Coal Mining Association
- VISA Power Limited - India
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Transport, Egypt
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Merrill Lynch Commodities Europe
- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Petron Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- SMC Global Power, Philippines
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Bukit Asam (Persero) Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- The University of Queensland
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
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