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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, 06 August 19
SHIPPING MARKET INSIGHT - INTERMODAL
On the 12th of May four tankers were attacked near the coast of Fujairah. The tankers hit were waiving international flags such as that of No ...
Monday, 05 August 19
SUPRAMAX: COAL FROM INDONESIA TO CHINA PAID AT MID $8,000S ON A 57,000-TONNER DELIVERY SOUTH CHINA - BALTIC BRIEFING
Capesize
Having hit a high of $32,963 early last week, the Capesize 5TC now stands at $25,749. This is over 20% of its value lost in 10 days. C ...
Thursday, 01 August 19
PANAMAX: THE SENTIMENT IN THE MARKET IS STILL POSITIVE FOR THE LONGER TERM - FEARNLEYS
Capesize
Two weeks ago the 5TC index was at 33,000 USD pd. Since then it has fallen off a bit and has stayed around 27,000 USD pd the last week ...
Thursday, 01 August 19
INDIKA ENERGY REVENUES DECLINE DUE TO LOW COAL PRICES
One of the largest Indonesian integrated energy companies PT Indika Energy Tbk posted revenues of US $ 1,380.4 million, down 4.6% compared to US $ ...
Wednesday, 31 July 19
INDIA'S 2019 THERMAL COAL IMPORTS SEEN AT 180-185 MLN T - WOODMAC
India is expected to import 180-185 million tonnes of thermal coal in 2019, said Dale Hazelton, head of thermal coal at consultancy Wood Mackenzie. ...
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- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- ICICI Bank Limited - India
- Electricity Authority, New Zealand
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Deloitte Consulting - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- GAC Shipping (India) Pvt Ltd
- Kapuas Tunggal Persada - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- The University of Queensland
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Indian Energy Exchange, India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- White Energy Company Limited
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- South Luzon Thermal Energy Corporation
- IEA Clean Coal Centre - UK
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