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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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Thursday, 17 December 20
CHINA'S BAN IS LESS OF A THREAT TO AUSTRALIA'S COAL INDUSTRY THAN INTERNATIONAL CLIMATE AMBITION - IEEFA
Australian coal exporters will survive this near-term political fight but there are longterm structural headwinds
The decision by Ch ...
Thursday, 17 December 20
BUMA SIGNED US$1.0 BILLION WORTH OF EXTENSION CONTRACT WITH BERAU COAL
PT Bukit Makmur Mandiri Utama, subsidiary of PT Delta Dunia Makmur Tbk., has extended its mining services contracts with PT Berau Coal, in relation ...
Wednesday, 16 December 20
INDONESIA 2020 COAL CONSUMPTION ESTIMATED AT 140-145 MLN TONNES - OFFICIAL, REUTERS REPORTED
Indonesia’s domestic coal consumption is estimated at 140-145 million tonnes this year, Dodik Ariyanto, an official at the energy ministry, t ...
Wednesday, 16 December 20
RUSSIA REVISES DOWN EXPORT EXPECTATION - FITCH
The Ministry of Economy of Russia, the world’s third largest thermal coal exporting country, released its annual forecasts ...
Wednesday, 16 December 20
INDIAN COAL IMPORTS TO REMAIN SUBDUED - FITCH RATINGS
Fitch Rating commented on Indian Coal Imports, Fitch said, coal imports by Indian utilities fell by about 24% yoy to 44 million tonnes (mt) i ...
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- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Holcim Trading Pte Ltd - Singapore
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- San Jose City I Power Corp, Philippines
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- White Energy Company Limited
- Alfred C Toepfer International GmbH - Germany
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Therma Luzon, Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Australian Commodity Traders Exchange
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Sidhee Cement - India
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Vijayanagar Sugar Pvt Ltd - India
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining Corp, Philippines
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Sical Logistics Limited - India
- Independent Power Producers Association of India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Planning Commission, India
- Bukit Makmur.PT - Indonesia
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Eastern Coal Council - USA
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- MS Steel International - UAE
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
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