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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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Monday, 21 December 20
COAL'S PARTIAL RECOVERY IS SET TO FADE AFTER 2021 - IEA
Global coal consumption is estimated to have fallen by 7%, or over 500 million tonnes, between 2018 in 2020. A decline of this size over a two-year ...
Monday, 21 December 20
A REBOUND IN GLOBAL COAL DEMAND IN 2021 IS SET TO BE SHORT-LIVED, BUT NO IMMEDIATE DECLINE IN SIGHT - IEA
After a major drop in recent years, global coal demand is forecast to rise by 2.6% in 2021 before flattening out to 2025
A global ec ...
Friday, 18 December 20
AUSTRALIA PM WARNS OF ‘LOSE-LOSE’ IN ANY CHINA COAL SHIFT - REUTERS
Australian Prime Minister Scott Morrison said any shift by China away from importing high quality Australian coal would be a “lose-lose&rdquo ...
Friday, 18 December 20
BIG OIL AND COAL EXPORTERS FACE RECKONING AS PARIS AGREEMENT TURNS FIVE - CNA
On Dec 12, more than 70 global leaders came together at the UN’s Climate Ambition Summit, marking the fifth anniversary of the Paris Agreemen ...
Friday, 18 December 20
SOUTH AFRICAN COAL EXPORTERS LARGELY DEPENDENT ON THE ASIAN MARKETS - BANCHERO COSTA
South Africa is the fourth largest exporter of coal in the world, after Australia, Indonesia and Russia. In calendar 2019 the country exported a to ...
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- McConnell Dowell - Australia
- SMG Consultants - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- White Energy Company Limited
- Interocean Group of Companies - India
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Planning Commission, India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Meralco Power Generation, Philippines
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Straits Asia Resources Limited - Singapore
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Coal and Oil Company - UAE
- Tamil Nadu electricity Board
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Australian Coal Association
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Kapuas Tunggal Persada - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Malabar Cements Ltd - India
- Indian Energy Exchange, India
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