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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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Monday, 09 September 19
ULTRAMAX: ASIA A 58,000-TONNER FIXED DELIVERY FUZHOU, VIA INDONESIA, REDELIVERY CHINA, AT $12,800
Capesize
0px The market reached new heights this week as the 5TC topped $38,014, a level not seen in the sector since 2013. Fridays 5TC closed ...
Tuesday, 20 August 19
NORDEN HAS BEEN AWARDED A 3-YEAR CONTRACT FOR THE TRANSPORTATION OF COAL FROM INDONESIA TO HONG KONG
NORDEN has been awarded a 3-year contract with a power company in Hong Kong for the transportation of coal from Indonesia to Hong Kong.
...
Tuesday, 20 August 19
THE AUGUST 2019 INDONESIAN COAL PRICE REFERENCE POSTS THE FIRST MONTHLY GAIN SINCE AUGUST 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised up the benchmark price of Indonesian thermal co ...
Monday, 19 August 19
INDONESIAN COAL RUNS, A 82,000DWT SHIP WAS FIXED DELIVERY CHINA VIA INDONESIA, REDELIVERY JAPAN, IN THE MID $16,000S - BALTIC BRIEFING
Capesize
The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates ...
Sunday, 11 August 19
ULTRAMAX: A 58,000DWT VESSEL OPEN KEMAMAN FIXED FOR TWO TO THREE LADEN LEGS, REDELIVERY SINGAPORE-JAPAN, AT $12,250 - BALTIC BRIEFING
Capesize
With typhoon Lekima gathering pace, numerous China ports were closed by the end of the week and will likely be for two to three days. ...
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- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Petrochimia International Co. Ltd.- Taiwan
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Chettinad Cement Corporation Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Grasim Industreis Ltd - India
- Bhushan Steel Limited - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Parliament of New Zealand
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Ministry of Finance - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
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