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Saturday, 21 December 19
SHIPPING'S SUPPLY AND DEMAND TRENDING OFF BALANCE - BIMCO
 One of the most worrying trends that has developed recently – which will affect shipping demand in the years to come – is the falling trade-to-GDP ratio.
The falling ratio can be explained by slowing globalistation as well as increasing protectionist measures being implemented around the world, spear headed by the US. The raised barriers to trade are here to stay as we enter a new decade, with the shipping industry stuck with the consequences.
The trade war is the clearest example of these extra barriers to trade, and although a phase 1 deal was reached in December, the most difficult issues have yet to be addressed, and BIMCO therefore expects the trade war to continue to plague shipping between the US and China in 2020. Unfortunately, they are not the only countries engaging in tariff wars. The EU also faces additional tariffs from the US and we see trade tensions between Japan and South Korea.
The effects of the worsening of the fundamental shipping market balances this year will be felt in 2020, as the balance is not reset to zero when the calendar year changes. BIMCO continues to warn that the worsening balance between the supply of ships and the demand will be detrimental to shipowners’ ability to pass on the additional costs associated with compliance of the new IMO 2020 Sulphur Cap. It will depend on the freight rates to which extent the additional costs are covered, which in turn depend on the market conditions; the better the market, the easier it is to pass costs on.
Dry Bulk shipping
The biggest concern for Capesize shipping in 2020 is the trend in China, where iron ore imports may fall for the third year in a row. The structural change in China’s steel production, towards using scrap steel in favour of imported iron ore, means that Chinese demand for iron ore can no longer be counted on to increase demand for Capesize ships, with imports having peaked in 2017.
For the dry bulk shipping industry there is more bad news from China. Its soya bean imports have become an important part of the trade war and how it is viewed, but even aside from the trade war, the outlook for soya bean trades into China are weak. Its demand will be considerably lower due to the largest ever culling of pigs which consume most of China’s soya bean imports. It will take years for the Chinese pig population to return to the same size as before the cull, and even then, lowering the soya content in pig’s feed will have lasting consequences on these trades.
The high fleet growth in 2019 (4.1%) will play out into 2020 when the fleet is also expected to grow by more than demand. The cumulative impact of these growth rates mean that the gap between demand for shipping and the supply of ships will continue to grow, putting pressure on freight rates throughout the year.
Tanker Shipping
Crude oil tankers have certainly been in the headlines in 2019 due to geopolitical developments and as freight rates reached record levels as a result, but going into 2020, the fundamentals remain unchanged. This means that after the seasonal boost fades away in the first quarter, the high freight rates in the VLCC-market are likely to disappear, as the market fundamentals have in fact worsened in 2019, with an eight year high fleet growth of 6.3%.
Fleet growth has also been high in the oil product tanker market, with many owners aiming to benefit from the IMO 2020 Sulphur Cap and the boost that BIMCO expects it will bring to the oil product tanker shipping industry. The boost are on the back of the new trades for the transport of compliant bunker fuels from the refineries to the bunkering ports.
While this boost will improve tanker earnings in the first 3-6 months of 2020, once the short term boost will fade away, the challenge facing the market is that the new ships will still be around , and will instead be fighting for cargoes in an already over-supplied market.
One of the major developments expected in 2020 is for the US to become a net exporter of crude oil on an annual basis. The increasing proportion of global crude oil exports coming from the US is good news for the tanker industry as this involves longer sailing distances to the Far East, where the major importers are, compared to exports from the Middle East.
Source: Peter Sand, Chief Shipping Analyst, BIMCO
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Wednesday, 25 December 19
COVER FOR WAR AND TERRORISM RISKS, AND COVER IN RESPECT OF BIOLOGICAL AND BIO-CHEMICAL WEAPONS - 2020 POLICY YEAR: AMERICAN CLUB
KNOWLEDGE TO ELEVATE
This Circular describes the arrangements which have been made to provide special cover for war and terrorism risks, and c ...
Wednesday, 25 December 19
EXHAUST GAS CLEANING SYSTEMS (SCRUBBER) GUIDANCE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a few weeks, IMO’s ‘global sulphur cap’ will take effect. The permitted levels of SOx in ship emissi ...
Wednesday, 25 December 19
INDONESIAN BUKIT ASAM TARGETS TO MINE 30 MLN T OF COAL IN 2020 - REUTERS
Indonesian state-owned coal miner PT Bukit Asam targets to produce around 30 million tonnes of coal in 2020, compared with an estimate of 28.5 mill ...
Wednesday, 25 December 19
SHIPPING MARKET INSIGHT - INTERMODAL
As another year in the shipping industry is coming to an end, it is interesting to look at the dry bulk and tanker markets and how these performed ...
Monday, 23 December 19
VLSFO PRICING & AVAILABILITY NEEDS CAREFUL WATCHING - INTEGR8 FUELS
As we approach January 1st 2020 , the VLSFO price premium to HSFO has widened considerably
We are clearly well into the IMO 2020 transition; ch ...
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Showing 1226 to 1230 news of total 6871 |
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- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sojitz Corporation - Japan
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Australian Coal Association
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Economic Council, Georgia
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Kartika Selabumi Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Power Finance Corporation Ltd., India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Rio Tinto Coal - Australia
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- CIMB Investment Bank - Malaysia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Billiton Holdings Pty Ltd - Australia
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Videocon Industries ltd - India
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
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