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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, 12 June 19
IMO 2020 - COUNTDOWN TO 1 JANUARY 2020 -HOW WILL THE CHANGES AFFECT REFINING AND SHIPPING? - WOOD MACKENZIE
We know that the IMO’s regulations represent the biggest step change the shipping industry has ever seen and the implications will be felt th ...
Wednesday, 12 June 19
SHIPPING MARKET INSIGHT - INTERMODAL
This year’s tanker S&P activity keeps edging higher compared to the same period in 2018. Year to date we have seen some 143 ships, rangin ...
Tuesday, 11 June 19
INDONESIAN COAL PRICE REFERENCE SET AT $81.48 PER TON IN JUNE, DOWN 15.66 PERCENT YEAR-ON-YEAR
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down again the benchmark price of Indonesian th ...
Monday, 10 June 19
CONSECUTIVE OWNERS OF CARGO: WHO HOLDS TITLE AND THE RIGHT TO SUE? - COLIN BIGGERS & PAISLEY
KNOWLEDGE TO ELEVATE
In Tritton Resources Pty Ltd v Ever Rock Navigation S.A. [2019] FCA 276, the Federal Court considered the application of ...
Monday, 10 June 19
KOSPO INVITES BIDS FOR 1,305,000 MT OF MIN 5600 KCAL/KG NCV COAL FOR SEPT 2019 TO DEC 2021
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 435,000 MT (per year) of max 5,600 kcal/kg N ...
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- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- Bhoruka Overseas - Indonesia
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Thiess Contractors Indonesia
- India Bulls Power Limited - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Indonesian Coal Mining Association
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Merrill Lynch Commodities Europe
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- Vedanta Resources Plc - India
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- The University of Queensland
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Wood Mackenzie - Singapore
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- ICICI Bank Limited - India
- Australian Coal Association
- Mercator Lines Limited - India
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Electricity Authority, New Zealand
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Cigading International Bulk Terminal - Indonesia
- Power Finance Corporation Ltd., India
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