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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, 12 March 21
INDIA SHOULD FOCUS ON REDUCING COAL POWER GENERATION INSTEAD OF CAPACITY - IEEFA
Nearly half of existing coal power in India is more expensive than new renewable power
To get to its ambitious climate targets, Indi ...
Friday, 12 March 21
BATTERIES ARE REPLACING COAL NOT GAS - IEEFA
No amount of government subsidies can halt gas’s decline
Batteries are replacing coal not gas.
Today the early ...
Friday, 12 March 21
RENEWABLES SHOULD BE FOCUS OF VIETNAM’S DRAFT PDP8, NOT COAL AND GAS - IEEFA
Evidence was clear to inform the next stage of Vietnam’s power development
Vietnam’s recently published draft power deve ...
Thursday, 11 March 21
U.S. TO PRODUCE 581 MMST IN 2021, UP 8% FROM 2020 - EIA
EIA expects U.S. coal production to total 581 MMst in 2021, 42 MMst (8%) more than in 2020. In 2022, EIA expects coal production to rise by a furth ...
Thursday, 11 March 21
MARKET INSIGHT - INTERMODAL
Assessing the ship repair sector during the first months of 2021, we have come across a new era in which Owners chose the shipyards to repair their ...
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- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Borneo Indobara - Indonesia
- GMR Energy Limited - India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Bhushan Steel Limited - India
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Parliament of New Zealand
- VISA Power Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Globalindo Alam Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Ind-Barath Power Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Economic Council, Georgia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Energy Link Ltd, New Zealand
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- PTC India Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Rashtriya Ispat Nigam Limited - India
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
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