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Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
 Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and unsustainably low freight rates is still a major challenge ten years after the massive downturn of 2008.
Mr Bennett said: “In that time shipping companies needed to show restraint when ordering new ships, to prevent stifling recovery. Yet the dark clouds of protectionism and slowing growth in key economies mean that the avoidance of overordering is now more important than ever.”
Addressing an audience of shipowners and operators at the Global Maritime Summit 2019, organised in conjunction with the Turkish Chamber of Shipping, Mr Bennett acknowledged that individual operators would legitimately make their own individual business decisions regarding new tonnage.
“Opinion is still divided on whether the rapid globalisation that has been experienced in the last thirty years may have run its course, and whether the slower rate of trade growth seen since the 2008 crisis represents some kind of permanent structural change,” he said. “Certainly in 2019, the outlook for the global economy and thus demand for maritime transport appears to be worsening.
“Ship ordering (in deadweight tonnage) fell 14% in 2018, about 17% below the average since the 2008 downturn. This suggests that many shipowners may indeed be resisting the temptation to over order and in early 2019, the worldwide shipping order book appeared to be stable at around 10% of the fleet,” he said. “However, the reluctance of governments in Asia, where the vast majority of ships are built, to address overcapacity in the shipbuilding sector remains a serious issue.”
Mr Bennett explained: “As well as the temptation to over order, decisions about when to recycle older ships are also fundamental to the equation. The good news is that a number of important regulatory uncertainties which have complicated decisions about when best to dispose of older ships are finally being resolved.
“In particular this includes the implementation dates of the IMO Ballast Water Management Convention. And while the precise cost of compliance with the IMO sulphur regulations is still unknown, the situation should become clearer after January 2020 now that IMO has confirmed that the implementation date of the global sulphur cap is irrevocable.”
ICS is also encouraged by the decision in 2018 by the Organization for Economic Co-operation and Development (OECD) to resume negotiations on an agreement to remove market distorting measures from shipbuilding that contribute to overcapacity. However it remains to be seen whether China (which is not an OECD member) will take an active part.
“Notwithstanding the risks of uncertainty in the immediate years ahead, in the long term there is always cause to remain optimistic,” said Mr Bennett. “The UN has revised its projections for population growth upwards to an incredible 8.6 billion in 2030 from 7.7 billion in 2018. Combined with seemingly unstoppable demand for higher living standards in emerging economies, this indicates that long term demand for international shipping should continue to increase significantly.”
Source: ICS
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Globalindo Alam Lestari - Indonesia
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Bhatia International Limited - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Manunggal Multi Energi - Indonesia
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Tata Chemicals Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Agrawal Coal Company - India
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Xindia Steels Limited - India
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
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