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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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Wednesday, 18 April 18
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The return of traders and charterers from the Easter festivities came along with a slight increase in activity across the edible oil markets. Howev ...
Monday, 16 April 18
MINISTER IGNASIUS JONAN SPEAKS HIS MIND AT INDONESIA MINER - IAN WOLLFF
The Minister for Energy and Mineral resources, Ignasius Jonan, delivered a key note address at the Indonesia Miner conference in Jakarta on the 11 ...
Thursday, 12 April 18
THE PERFECT STORM FOR THE BIG SHIPS - THE BALTIC BRIEFING
Capesize
The perfect storm for the big ships: with holidays, force majeure in two ore exporting ports and bad weather undermining the market. A l ...
Thursday, 12 April 18
SUPRAS HAVE FIXED MID $11K FOR AN INDO RV TO S. CHINA DELIVERY PHILIPPINES - FEARNLEYS
Supramax
Slow week with little light for improving rates. ECSA to Far East still around $15k + bb and same to Med ca $14k, says Fearnleys in its ...
Thursday, 12 April 18
ALWAYS ACCESSIBLE
KNOWLEDGE TO ELEVATE
On 26 March 2018 Mr Justice Knowles determined that the berth warranty ‘always accessible’ must mean the vess ...
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Showing 1741 to 1745 news of total 6871 |
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- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Australian Coal Association
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Planning Commission, India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- PTC India Limited - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Posco Energy - South Korea
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- South Luzon Thermal Energy Corporation
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indika Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Parliament of New Zealand
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Straits Asia Resources Limited - Singapore
- The University of Queensland
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- ASAPP Information Group - India
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
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