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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, 27 October 20
PLN STILL REFUSING TO ADAPT, A MOVE WHICH WILL HURT INVESTORS, CONSUMERS, AND THE GOVERNMENT PURSE - IEEFA
Utility’s latest planning report locks PLN into the past
PLN would be better served restructuring its business to address the current en ...
Monday, 26 October 20
'LONG ASCENT' TO RECOVERY OF GLOBAL GROWTH - BALTIC EXCHANGE
The global economy has so far avoided a “financial catastrophe” but growth projections from the International Monetary Fund’s lat ...
Friday, 23 October 20
SHIPPING LOANS AND COLLATERAL DAMAGE - VICTOR ONYEGBADO, AKABOGU & ASSOCIATES
KNOWLEDGE TO ELEVATE
Shipping finance transactions are characterised by peculiar risk factors principally on account of the shipping asset&rsq ...
Friday, 23 October 20
WHAT WILL THE 2020 ELECTIONS MEAN FOR US ENERGY? - WOOD MACKENZIE
The 2020 elections present American voters with a choice between two radically different visions for the future of energy. President Donald Trump r ...
Wednesday, 21 October 20
BRAZIL EXPORTED 238.7 MLN TONNES OF IRON ORE IN THE FIRST 9 MONTHS OF 2020 - BANCHERO COSTA
Brazil’s iron ore exports have been gradually but steadily recovering following a disastrous winter period of 2019/2020. In the first 9 month ...
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- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Thiess Contractors Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- New Zealand Coal & Carbon
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Indogreen Group - Indonesia
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Australian Coal Association
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- GMR Energy Limited - India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Posco Energy - South Korea
- Global Green Power PLC Corporation, Philippines
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Latin American Coal - Colombia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- London Commodity Brokers - England
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Global Business Power Corporation, Philippines
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Rashtriya Ispat Nigam Limited - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Manunggal Multi Energi - Indonesia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Mjunction Services Limited - India
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- White Energy Company Limited
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Uttam Galva Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Simpson Spence & Young - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
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