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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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Saturday, 27 February 21
CHINA'S BENCHMARK POWER COAL PRICE EDGES DOWN - XINHUA
China’s benchmark power coal price dropped slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge ...
Saturday, 27 February 21
FITCH RATINGS REVISES GLOBAL METALS AND MINING PRICE ASSUMPTIONS
Fitch Ratings has revised some of its metals and mining price assumptions as prices for many commodities will benefit in the short term from return ...
Saturday, 27 February 21
MITSUBISHI PULLS OUT OF VINH TAN 3 COAL PROJECT IN VIETNAM - NIKKEI ASIA
Japanese trading house Mitsubishi Corp. decided Thursday to withdraw from the Vinh Tan 3 coal-fired power plant project in Vietnam amid growing int ...
Thursday, 25 February 21
ARE WE ON THE CUSP OF ANOTHER MINING SUPER-CYCLE? - WOOD MACKENZIE
As the first wave of the coronavirus pandemic began to bite, many observers confidently predicted that the end was nigh for global economic activit ...
Thursday, 25 February 21
2020 PROVED TO BE A TRULY TERRIBLE YEAR FOR SEABORNE COAL TRADE - BANCHERO COSTA
Total loadings in the 12 months of 2020 were down -12.7% year-on-year to 1,130 million tonnes, according to vessels tracking data from Refinitiv, s ...
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- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Eastern Coal Council - USA
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Central Electricity Authority - India
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Jorong Barutama Greston.PT - Indonesia
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Maheswari Brothers Coal Limited - India
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Kapuas Tunggal Persada - Indonesia
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Kideco Jaya Agung - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Wilmar Investment Holdings
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Planning Commission, India
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Commonwealth Bank - Australia
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
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