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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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- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Electricity Authority, New Zealand
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Bukit Asam (Persero) Tbk - Indonesia
- Bharathi Cement Corporation - India
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- India Bulls Power Limited - India
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Goldman Sachs - Singapore
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Africa Commodities Group - South Africa
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Australian Commodity Traders Exchange
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Larsen & Toubro Limited - India
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Marubeni Corporation - India
- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
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