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