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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, 29 January 21
COAL EXPORTS FROM AUSTRALIA TO MAINLAND CHINA DECLINED BY -22.2% Y-O-Y IN 2020 - BANCHERO COSTA
In the 12 months of 2020, global seaborne coal trade declined by as much as -12.7% year-on-year, according to vessel tracking data from Refinitiv, ...
Friday, 29 January 21
OPEC+, COVID-19 AND ENERGY TRANSITION - 3 THEMES IMPACTING OIL MARKETS AND REFINING IN 2021 - WOOD MACKENZIE
Wood Mackenzie’s latest outlook report shows that the art of balancing oil markets and the refining sector in 2021 hinges upon three key them ...
Thursday, 28 January 21
STRONG CHINESE THERMAL COAL IMPORTS TO BENEFIT INDONESIAN MINERS IN THE NEAR TERM - FITCH RATINGS
China's thermal coal imports are likely to remain strong ahead of the Chinese New Year in mid-February on robust demand, high utilisation at do ...
Thursday, 28 January 21
WIND PROPULSION FOR DRY BULK CARRIERS - OLDENDORFF
Oldendorff Carriers (OC) has signed a Joint Development Project (JDP) with Anemoi Marine Technologies (Anemoi), Lloyd’s Register (LR) and Sha ...
Thursday, 28 January 21
BUMA PRICED A USD400 MILLION 7.75% 5-YEAR SENIOR NOTES
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama priced a USD400 million 5-year (non-callable 2-year)& ...
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- Interocean Group of Companies - India
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- PTC India Limited - India
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Sindya Power Generating Company Private Ltd
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- TeaM Sual Corporation - Philippines
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Power Finance Corporation Ltd., India
- Asmin Koalindo Tuhup - Indonesia
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- Bukit Baiduri Energy - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Semirara Mining and Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Meralco Power Generation, Philippines
- The University of Queensland
- Miang Besar Coal Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- CNBM International Corporation - China
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Coalindo Energy - Indonesia
- Planning Commission, India
- Australian Coal Association
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Straits Asia Resources Limited - Singapore
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