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