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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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- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Karaikal Port Pvt Ltd - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Central Electricity Authority - India
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement - Thailand
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Minerals Council of Australia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Star Paper Mills Limited - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- India Bulls Power Limited - India
- Energy Development Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Kumho Petrochemical, South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Indogreen Group - Indonesia
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