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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
Monday, 01 April 19
AUSTRALIAN COAL AT RISK FROM CHINA MOVE, WARNS GOVERNMENT REPORT - SYDNEY MORNING HERALD
A new government report warns China’s restrictions on coal imports is the number one risk for Australian coal this year and could lead to a s ...
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- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- Heidelberg Cement - Germany
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Deloitte Consulting - India
- Indonesian Coal Mining Association
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Bhatia International Limited - India
- Salva Resources Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Merrill Lynch Commodities Europe
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- European Bulk Services B.V. - Netherlands
- Orica Mining Services - Indonesia
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Agrawal Coal Company - India
- IHS Mccloskey Coal Group - USA
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Jorong Barutama Greston.PT - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Australian Coal Association
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
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