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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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- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Coal Association
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Larsen & Toubro Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Asmin Koalindo Tuhup - Indonesia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Kepco SPC Power Corporation, Philippines
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Anglo American - United Kingdom
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Straits Asia Resources Limited - Singapore
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Metalloyd Limited - United Kingdom
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- CNBM International Corporation - China
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- International Coal Ventures Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- Standard Chartered Bank - UAE
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
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