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Thursday, 12 April 18
SHIPPING CAN MANAGE US-CHINA TARIFFS, BUT RISKS RISING - FITCH
 Container and, to some extent, dry bulk would probably be the shipping segments most affected by the recently announced US and China tariffs, Fitch Ratings says. However, the degree of impact will depend on the final terms of the tariffs, and the potential flexibility of shipping companies to divert some volumes to other destinations and the ultimate tonne-mile demand. A more pronounced and wider sector impact potentially affecting all shipping segments could result if the planned tariffs lead to escalating retaliatory protectionist measures.
The US recently announced potential tariffs on steel and aluminium imports. Subsequently, it proposed an additional duty of 25% on certain products imported from China, including medicaments, machinery and chemicals, with a total value of about USD50 billion. In response, China proposed a 25% tariff on a range of imported products from the US including soybeans, chemicals and selected aircraft.
The immediate impact of potential tariffs may be manageable for both container and dry-bulk shipping. Some of the goods under the proposed tariffs are likely to continue to be imported by the US or China due to the limited substitutes. Some of the volumes could be diverted to other countries, potentially affecting distances travelled and putting tonne-mile demand in focus. The proposed value of about USD50 billion of goods subject to tariffs accounts for only about 10% of US imports from China and slightly over 2% of China’s total merchandise exports. In addition, soybeans and steel represent a limited share of the dry-bulk shipping market.
The direct impact on the companies will also depend on their exposure to trans-Pacific trades. Container shipping companies are global and tend to be diversified by trading lanes. The top five companies, including Maersk Line, Hapag-Lloyd and COSCO, have manageable exposure to US-Asia trades. However, smaller ones, mostly Asian container shipping companies, including Yang Ming, Evergreen and OOIL, have large exposure to trans-Pacific trades of around 40%.
The key risk to shipping is if protectionist measures escalate into a trade war damaging the prospects for global trade and GDP growth. Global trade growth is an important stimulator of demand in container shipping, while China remains the key driver for dry-bulk commodity imports and trade.
We believe the supply side is key to achieving the supply-demand balance and a long-term sustainable recovery in the sector, but further slowdown in volume growth in the short term may put further pressure on freight rates. Volume growth has moderated for both container and dry-bulk shipping in recent years. This again emphasises the necessity of prudent capacity management in the sector, which has been plagued by overcapacity.
The IMF expects global trade growth to reach 4.6% in 2018. This should support container transport volumes growth of over 4.5% in 2018. However, supply growth has increased since 2016 and is likely to accelerate to over 5.5% in 2018, again exceeding demand growth. We expect supply-demand fundamentals to be better in dry bulk, with a moderate expected increase in dry-bulk volumes of 2.7% in 2018 coupled with low vessel supply growth at 1.2%, which should provide support for dry bulk freight rates.
Source: Fitch Ratings
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Thursday, 26 April 18
COAL PRICES ARE EXPECTED TO AVERAGE $85/MT IN 2018, DOWN SLIGHTLY FROM 2017 - WORLD BANK
Coal prices rose 4 percent in the first quarter (q/q), following a surge of 34 percent in 2017, mainly due to strong consumption in China spurred b ...
Wednesday, 25 April 18
TANKER MARKET INSIGHT - THEODOROS NTALAKOS
We had the opportunity to be part of Intertanko's Hellenic Mediterranean Panel last week in the SNFCC and to present an outlook on the tanker f ...
Tuesday, 24 April 18
IMPORTING INDONESIAN COAL MAKES SENSE FOR INDIAN COASTAL PLANTS EVEN WHEN IT IS COSTLIER THAN INDIAN - ECONOMIC TIMES
Rising Indonesian coal production and lower Chinese demand have pulled down Indonesian coal prices by 22% over the last 45 days, a trend that augur ...
Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritim ...
Tuesday, 24 April 18
TWO 56K-DWT OPEN HONG KONG AND SINGAPORE WERE FIXED FOR INDONESIA COAL TRIPS TO CHINA, AT $9,500 AND $11,000 RESPECTIVELY - BALTIC BRIEFING
Capesize
This week has seen the Cape 5 timecharter weighted average almost double. Similarly, the Brazil to China ore rates climbed over $4.50, f ...
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Showing 1736 to 1740 news of total 6871 |
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- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Sinarmas Energy and Mining - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- Wood Mackenzie - Singapore
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Madhucon Powers Ltd - India
- Vedanta Resources Plc - India
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Kaltim Prima Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- VISA Power Limited - India
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Electricity Authority, New Zealand
- Dalmia Cement Bharat India
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- AsiaOL BioFuels Corp., Philippines
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- TeaM Sual Corporation - Philippines
- Attock Cement Pakistan Limited
- Australian Coal Association
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Central Electricity Authority - India
- Georgia Ports Authority, United States
- Kideco Jaya Agung - Indonesia
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
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