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Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
 The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strain on healthcare systems, COVID-19 also adversely impacted global businesses, trade, supply chains and economies. The maritime industry has been faced with extended regulatory constraints on international, national and regional levels in an attempt to contain the spread of the pandemic. Our industry has once again dynamically adapted to change by embracing the “new normal” modus operandi that the virus has imposed on shipping.
On the dry bulk ship supply side, the world fleet has increased by about 350 vessels y-o-y at an approximate 3.4% annual growth rate whereas growth rates in 2019 and 2018 were 2.5% and 2% respectively. The current dry bulk orderbook – excluding slippage/cancellations – stands below 6% of the world fleet. As expected, dry bulk order replenishment in 2020 has been minimal to date; the sector’s orderbook diminished y-o-y by about 200 vessels. The number of vessels aged over 25 years has increased by around 50 from last September while 20-plus year-old bulk carriers constitute about 9.5% of the dry bulk fleet.
The 171-tanker y-o-y vessel fleet increase (just over 3% of total fleet) was led by the MR segment and comprised of 74 MR, 40 VLCC, 18 Suezmax, 16 Aframax/LR2, 14 Handy and 9 Panamax/LR1 vessel additions. All-in-all this was a good year for tankers; the tanker orderbook is marginally smaller as compared to September 2019 – it is down by ca. 15 vessels. It is worth noting that the tanker orderbook had declined by over 100 vessels last year. The current tanker orderbook to fleet ratio is about 7% which is a 5-year low and the 20-plus year-old vessel fleet recorded an increase of around 100 ships.
The tough measures employed globally to limit the spread of COVID-19 have caused an economic slowdown in both emerging and developed nations. A number of countries have thus far avoided severe economic adversities via the use of aid from sizeable fiscal and monetary policy support packages. Economic growth forecasts for all regions are dire and a worldwide GDP contraction is projected (at least) for 2020. However, the current freight market (especially for the dry segment) illustrates that there is still a growing demand for seaborne transportation. It can be argued that the pandemic is just an “additional” disruption which the shipping industry is charged with tackling. This disruption is analogous to previous shipping market suppressants such as production interruptions, economic concerns and political instability. At the end of the day, one has to be reminded that shipping is an infinite game and its perpetuation should be the key governing objective behind all of its players.
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, 30 April 21
HIGH-SULPHUR FUEL OIL SALES REBOUND AFTER PRE-IMO 2020 - BIMCO
HSFO sales are up 47.2% from Q1 2020, reaching 3.1m tonnes. This is however still less than a third of high-sulphur fuel sales in Q1 2019, before t ...
Wednesday, 28 April 21
MARKET INSIGHT - INTERMODAL
Despite the current challenges as a result of the global pandemic, 2021 is turning out to be a landmark year for the iron ore market with spot pric ...
Monday, 26 April 21
CHINA TO FURTHER CUT COAL USE IN 2021 - XINHUA
China aims to reduce the share of coal in its energy mix to less than 56% this year, according to a guideline released by the National Energy Admin ...
Wednesday, 21 April 21
COAL FINANCING COSTS HAVE SURGED IN PAST 10 YEARS - UNIVERSITY OF OXFORD - THE GUARDIAN
Coal financing costs have surged over the last decade as investors demand returns four times as high as the payoff required from renewable energy p ...
Tuesday, 20 April 21
US DOLLAR LIBOR TRANSITION IN ASSET FINANCE - WHERE ARE WE NOW? - WATSON FARLEY & WILLIAMS
Since our last article, there has been a raft of regulatory and market body announcements relating to the transition away from LIBOR and the follow ...
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- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Marubeni Corporation - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Price Waterhouse Coopers - Russia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Minerals Council of Australia
- PTC India Limited - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Power Finance Corporation Ltd., India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Chamber of Mines of South Africa
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- GAC Shipping (India) Pvt Ltd
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Australian Coal Association
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Global Green Power PLC Corporation, Philippines
- Wilmar Investment Holdings
- Goldman Sachs - Singapore
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Baramulti Group, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Planning Commission, India
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
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