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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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Tuesday, 17 November 20
AUSTRALIAN COAL EXPORTS TO CHINA SLUMP, BUT PRICES ARE MIXED - REUTERS
China’s unofficial ban on coal imports from Australia is starting to take its toll on volumes, with departing cargoes down sharply so far in ...
Friday, 13 November 20
SHIPPING OUTLOOK TURNS STABLE ON EBITDA GROWTH, IMPROVING SUPPLY-DEMAND BALANCE - MOODY’S
Outlook revised to stable from negative.
The global shipping industry is on course to perform better overall than we had previously ex ...
Friday, 13 November 20
CHINA'S BENCHMARK POWER COAL PRICE EDGES UP - XINHUA
China’s benchmark power coal price rose slightly during the past week.
The Bohai-Rim Steam-Coal Price Index (BSPI), a gauge of ...
Monday, 09 November 20
INDONESIA MAY CUT BIODIESEL USE TARGET AS SUBSIDY FUND DEPLETES - FITCH
The Indonesian government may rein in its push to increase use of biodiesel as it now comes at higher cost following a fall in crude oil prices and ...
Monday, 09 November 20
SOUTH AFRICA: COAL MARKET CONDITIONS HAVE ' DETERIORATED MATERIALLY' - IEEFA
The Asian seaborne thermal coal pool is drying out
Resource Generation Ltd’s proposed but long delayed Boikarabelo coal mine i ...
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- VISA Power Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Carbofer General Trading SA - India
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- TNB Fuel Sdn Bhd - Malaysia
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Sojitz Corporation - Japan
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Independent Power Producers Association of India
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Africa Commodities Group - South Africa
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Bhatia International Limited - India
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Australian Coal Association
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Aditya Birla Group - India
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