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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, 14 December 20
PHILIPPINE BANK RCBC TO STOP LENDING FOR NEW COAL-FIRED POWER PROJECTS - MANILA BULLETIN
Yuchengco-led Rizal Commercial Banking Corporation (RCBC) has forthrightly declared that it will no longer extend financing to new coal-fired power ...
Sunday, 13 December 20
LONGSTANDING DOWNSIDE RISKS TO TRADE OUTLOOK - BALTIC EXCHANGE
The OECD has attempted to put a positive spin on the trade message emanating from its latest economic outlook, released last week.
The ...
Sunday, 13 December 20
INDONESIA COAL OUTPUT AT 514 MILLION TONNES THIS YEAR, 2021 TARGET UNCHANGED - REUTERS
Indonesia coal output in the period to Dec. 10 stood at 514.2 million tonnes, official data from the energy ministry’s website showed.
&n ...
Thursday, 10 December 20
MALAYSIA'S CIMB ANNOUNCES COAL FINANCING PHASE-OUT BY 2040 AS ASIA'S FOSSIL FUEL DIVESTMENT DRIVE ACCELERATES - IEEFA
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced ...
Wednesday, 09 December 20
MARKET INSIGHT - INTERMODAL
Heading towards the end of a difficult year and with the entire planet under the shadow of the covid-19 virus, it is interesting to proceed with a ...
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- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
- Bharathi Cement Corporation - India
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Coal and Oil Company - UAE
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Siam City Cement - Thailand
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Planning Commission, India
- Ministry of Mines - Canada
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Economic Council, Georgia
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Baramulti Group, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Edison Trading Spa - Italy
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Directorate Of Revenue Intelligence - India
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Bukit Baiduri Energy - Indonesia
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Chamber of Mines of South Africa
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Toyota Tsusho Corporation, Japan
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Madhucon Powers Ltd - India
- Mintek Dendrill Indonesia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
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