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Wednesday, 09 January 19
SHIPPING MARKET INSIGHT - INERMODAL
 Paraphrasing the words of a Chief economist in a latest report of the World Bank Group, the current state of the shipping market very much resembles that of a ship sailing, for the past decade, in shallow and tidy waters trying to avoid groundings. It was caught on a grounding two years ago, but is now freed by the rising tide. The Captain is of course relieved to be able to set sail. But this relief must be tempered by the urgency to sail toward deeper seas before the receding waters beach the ship again.
Until the mid of 2018, all the forecasts for 2018 and 2019 reflected optimism. More than half of the world's countries were experiencing growth. There was a synchronized recovery resulting in faster and stronger growth in the near term. Unemployment has declined in USA, Europe and Japan, whilst inflation has not picked up, finding a point of golden balance. However, as the report from WBG points out, the medium term prospects tell a different story. Trade wars may be devastating and the protectionist threats have already cast their spell on the world's growth, with uncertainty killing investment. Obviously this is also directly affecting the shipping market; adding on top of this the 2020 Sulphur cap regulations and untested solutions, the future of coal and the additional capex for WBT the result is more uncertainty, which makes shipping professionals more reluctant.
Downside risks to global growth have risen in the past eight months and expectations for upside surprises have receded. Global growth downward revision during 2018 reflects events that suppressed activity in some major advanced economies, the negative effects of the trade threats and measures already implemented or approved, as well as a weaker outlook for some key emerging market and developing economies arising from country-specific factors, geopolitical tensions, and higher oil import bills.
On the ship supply side (>20,000dwt), the dry bulk fleet grew by 200 vessels in absolute terms since last year. Whilst 2018 will be remembered for the very few bulk carrier deliveries - from the 400 bulk carriers that were planned to be delivered in 2018 just 268 ships were delivered - there was also very low scrapping activity, just fifty bulk carriers were sold for demolition. For 2019 it is projected that shipbuilders will deliver about another 530 vessels. The orderbook has increased by about 200 vessels since the same time last year but if we go back another few years it is much smaller and appears much more reasonable. Compared to the existing fleet, new building orders are 7% for the Handysize, 6% for the Supramax and 10% for the Panamax/Kamsarmax sector and the Capesize sector is 11%.
The trade growth, i.e. demand for seaborne trade, in 2019 and 2020 and the fleet utilization will judge the fate of a lot of the older tonnage and whether the market is good enough to support additional investment (WBT) or not, in which case they will have to make way for the younger ones. Oil prices and the efficiency of each vessel will play a huge role on investment decisions. So, once again, we are approaching 2020 with uncertainty and volatility on both the demand and the supply side. 2019 is going to be interesting...
Happy New Year to All.
By Theodoros Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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Showing 1516 to 1520 news of total 6871 |
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- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Australian Coal Association
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Malabar Cements Ltd - India
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Kumho Petrochemical, South Korea
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Gujarat Sidhee Cement - India
- ICICI Bank Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- GAC Shipping (India) Pvt Ltd
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Eastern Coal Council - USA
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Power Finance Corporation Ltd., India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- PTC India Limited - India
- Edison Trading Spa - Italy
- The University of Queensland
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- MS Steel International - UAE
- CNBM International Corporation - China
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
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