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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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Wednesday, 03 July 19
SHIPPING MARKET INSIGHT - INTERMODAL
The global shipping industry is facing numerous challenges at a time when geopolitical turmoil has escalated in view of the recent tension in the M ...
Monday, 01 July 19
COAL DEMAND RISES, BUT REMAINS BELOW PEAK LEVELS - FORBES
This article is the third in a series on BP’s recently-released Statistical Review of World Energy 2019. The Review provides a comprehensive ...
Saturday, 29 June 19
ULTRAMAX: FROM SOUTHEAST ASIA MORE COAL WAS ENTERING THE MARKET - BALTIC BRIEFING
Capesize
The market showed variability over the past week, as most routes were active yet sentiment differed from region to region. The Pacific ...
Wednesday, 26 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
As the first half of the year is almost over, it is worth looking back at the sale and purchase activity during these months, focusing on the segme ...
Tuesday, 25 June 19
THERMAL COAL FUTURES ON THE ZHENGSHOU EXCHANGE ROSE - DANIEL HYNES
Coal markets were buoyed by ongoing supply side issues.
According to Daniel Hynes, Senior Commodity Strategist of ANZ, the the ...
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- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
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- Meralco Power Generation, Philippines
- Sakthi Sugars Limited - India
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- Commonwealth Bank - Australia
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- Sojitz Corporation - Japan
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- Eastern Energy - Thailand
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- The University of Queensland
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- Kepco SPC Power Corporation, Philippines
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- White Energy Company Limited
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- Alfred C Toepfer International GmbH - Germany
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- Sindya Power Generating Company Private Ltd
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
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- Riau Bara Harum - Indonesia
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
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- Parliament of New Zealand
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- Ministry of Mines - Canada
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
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- Bulk Trading Sa - Switzerland
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- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
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- Siam City Cement - Thailand
- Mercator Lines Limited - India
- Petron Corporation, Philippines
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Xindia Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
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- Merrill Lynch Commodities Europe
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- Directorate Of Revenue Intelligence - India
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- ICICI Bank Limited - India
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- Gujarat Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
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- Star Paper Mills Limited - India
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
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- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
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- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- Ministry of Transport, Egypt
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Goldman Sachs - Singapore
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Eastern Coal Council - USA
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
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- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indian Oil Corporation Limited
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Agrawal Coal Company - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
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