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Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
 With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is interesting to take on a review and outlook of the energy market as a whole. With the Developing nations having played a catch up gain during most of the 2000’s and having been found in a more advantageous position in terms of their continued economic development after the financial crisis of 2008, a considerable weight has been placed on these economies to drive demand forward for most of the energy commodities such as crude oil, coal and natural gas which play an integral part in shipping. Whilst most regions such as North America and Europe, which historically held the lions share for consumption of energy, have been holding steady in their requirements the Astronomical growth in demand from the Asia Pacific region has been the main source of demand growth for much more than a decade now.
China has been the main reason for those, with a key part having been played in the past by Japan and North Korea as well and India now quickly stepping up to take up it’s as a main contender. As these economies went through their stages of economic development, it was well known that an exponential increase in energy consumption would be one of the main byproducts of this. However, with time another pattern has slowly started to emerge.
Despite the rapid growth of energy consumption per capita, the growing worries regarding sources of energy and the sustainability and “cleanness” of our energy consumption has pushed for an ever more efficient and innovative mix of energy consumption, in turn driving for an ever slower growth of energy demand compared to the average GDP growth of the global economy. As pointed out earlier this year by the BP in its Energy outlook report, the amount of energy required per unit of GDP is expected to decline by 1.9% per year over the next 20 years while this figure is more than double the decline rate that was noted in the past decade. This means that we are slowly moving to a higher independence from energy, requiring less input to achieve an ever higher economic output. This could even prove to be an underestimate as typically energy plays a more primal role at the early stages of economic development and once both China and India (the current mammoths of global economic growth) get past this stage, they will likely shift their needs respectively causing a further slowdown in energy consumption per GDP.
A second point which will prove to be of more vital importance, though the trend seems to be moving at a slower pace, is how the world economy as a whole is slowly moving away from fossil fuels towards renewable sources of energy, with the latter expected to take a further 5% from the energy mix within the next 20 years. This has its significance on the shipping industry, as its fossil fuels that are transported by sea and they also take up a considerable portion of world seaborne trade.
Further to this we have seen a rapid shift amongst the preference of fossil fuels within the energy consumption mix. Oil has continued its rapid decline is close to losing its dominant position as the primary source of energy, while Coal has made considerable leaps over the past decade with natural gas following close behind. This has been evident within trade as well as the dry bulk market has significantly benefited from the growing importance of coal while the tanker market has been struggling to see an equal amount of growth in demand even before the crisis. This has followed through with an increasing amount of innovation in oil exploration such as that of tight oil and shale gas. This has been one of the important factors why we have seen a shift in trade with the U.S. decreasing its Crude oil imports last year by almost 40 million tonnes, while it was mainly thanks to China and India which in-creased theirs by 11 and 13 million tonnes respectively which helped cover much of this gap and provide the tanker market with some support.
Going forward, it is increasingly difficult to see any support from the market fundamentals that could provide a justification to a fast paced increase in tanker tonnage. Tonne miles are running shorter and shorter and although the demand for the commodity is there it seems that there isn’t much room for further growth in the fleet. The big promise that was West Africa in helping create further tonne-miles will likely be outshined by the slowly increasing production from East and Southern Africa. The Middle East still holds its top podium position with regards to trade exports and is situated fairly close to both China and India when compared to the distance VLs had to take to go around the Cape to get to the U.S. At the same time we expect more pipeline deals with the Far East to be struck by the other main exporter which is Russia.
In conclusion, there may well be an optimistic growth in demand for energy commodities such as crude oil, however it is looking increasingly difficult for this to translate over to increased seaborne trade and although Chinese and India Consumption will likely rise rapidly over the next couple of years , unless there is a rapid change in regional energy imbalances, the growth in shipping requirements is set to hold at a fairly slow pace.
- George Lazaridis - Research Analyst -
Analysts:
Mr. George Lazaridis
Ms. Eva Tzima
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 re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
Wednesday, 02 July 14
THE PANAMAX MARKET CONTINUED TO BLEED FOR ANOTHER WEEK - INTERMODAL
COALspot.com: The Dry Bulk market succumbed to mounting pressure this past week, while the Capesize market proved unable to “save the day&rdq ...
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- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Economic Council, Georgia
- SN Aboitiz Power Inc, Philippines
- White Energy Company Limited
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Generating Authority of Thailand
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ind-Barath Power Infra Limited - India
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Georgia Ports Authority, United States
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Manunggal Multi Energi - Indonesia
- Central Java Power - Indonesia
- Mercator Lines Limited - India
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Cigading International Bulk Terminal - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Merrill Lynch Commodities Europe
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
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