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Wednesday, 04 September 19
SHIPPING MARKET INSIGHT - INTERMODAL
 For yet another time, the market seems to have its own drivers. After a very disappointing first half, the recent recovery in the shipping market in the second half of this year has buoyed optimism amongst the people in the industry. Yet if you are to ask most shipowners if they are optimistic you will get a “yes...but...” reply.
On the dry bulk ship supply side (>20,000dwt), the world fleet has increased by 241 vessels year-on-year corresponding to a growth of about 2,4%, while one year earlier it was below 2%. Nonetheless, it's still a moderate fleet increase versus 4.4% percent real GDP growth of the emerging market and developing economies. For example, Bangladesh has 7.3% GDP Growth in 2019 and has also secured the top position in the world in achieving the highest GDP during the last 10 years.
The current dry bulk orderbook – not including slippage/cancellations – stands at 8.7% of the world fleet. Whilst there has been little order replenishment of bulk carriers in 2019, the orderbook is today merely bigger than what it was a year ago by about 50 vessels. Furthermore, we are amidst of environmental regulations coming into force, with water ballast management systems being retrofitted (or not) and the bunkers already transitioning to comply with the 2020 sulphur cap.
Compared to the same time last year we have about 80 more vessels over 20years old, and all the bulk carriers older than 20 years represent 9,5% of the dry bulk fleet.
On the tanker segment, things aren't less complicated. So far in 2019 there is less demolition activity, but also less new orders, while more ships have been delivered from the builders. The tanker fleet (>25,000dwt) has increased by about 3.5% led by MR tankers which increased by about 70 vessels, VLCCs followed with 55 vessels, 37 Aframaxes and just 15 Suezmaxes. The orderbook has not been replenished and is actually about 25% smaller than before, it represents about 7.7% of the trading fleet down from 10% same time last year. This rationalization of the orderbook, lays the foundation for a better future for the segment from the supply side alone.
On the other side of the equation for both dry and wet segments, there still is a growing demand for seaborne transportation. And while previously there were production disruptions, economic concerns, as well as political reasons that combined were suppressing the market, now there seems to be another combination that allows the freight rates to improve and drive the real demand for seaborne trade. The population continues to expand, emerging countries continue to absorb shipping goods and raw materials, so - still being the most fuel efficient and environmental friendly form of commercial transport – seaborne trade will continue to grow.
Although nobody can foresee if the current freight market is sustainable or not, the fundamentals suggest so, at least for the short term. We will continue to have supply disruptions, limited ordering and fleet expansion on the one side, and solid growth from the developing and emerging economies on the other. So, as we have many times argued that shipping is an infinite game and the objective of the players is to perpetuate the game, as we enter a new era with higher environmental awareness, it's a good entry point for investments and the upside is there as long as shipowners are patient and avoid overreactions.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 28 June 24
INDIAN POWER STATIONS STOCKED WITH BUMPER COAL SUPPLY AS TRANSPORT WOES EASE - BUSINESS STANDARD
Even as power demand has touched a historic high of 250 gigawatts (Gw) amid sweltering heat this June, India’s power stations are stocked wit ...
Friday, 28 June 24
INDIA'S CY23 COAL USE LARGER THAN NORTH AMERICA, EUROPE COMBINED - THE HINDU
For the first time, India’s coal consumption surpassed that of North America and Europe combined in the calendar year 2023, said Energy Insti ...
Monday, 24 June 24
PLN'S FINANCIAL SUSTAINABILITY RESTS ON ACCELERATED COAL RETIREMENT AND RENEWABLES DEPLOYMENT - MUTYA YUSTIKA
On 28 May 2024, Indonesia’s national electricity utility, PT Perusahaan Listrik Negara (PLN), released its financial report for 2023. Althoug ...
Monday, 24 June 24
INDIA'S COAL-BASED POWER DEMAND AT ALL-TIME HIGH, GOVERNMENT SAYS - REUTERS
India’s demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.
...
Monday, 24 June 24
CHINA'S COAL INDUSTRY TURNS GREENER THROUGH INNOVATIVE APPROACHES - PEOPLE'S DAILY
At an opencast mine operated by Inner Mongolia Pingzhuang Coal Group Co. Ltd., a subsidiary of CHN Energy Investment Group (CHN Energy), a 14-meter ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- MS Steel International - UAE
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- The Treasury - Australian Government
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- The University of Queensland
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- New Zealand Coal & Carbon
- Australian Coal Association
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Bayan Resources Tbk. - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Gujarat Sidhee Cement - India
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Baramulti Group, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
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