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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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Wednesday, 01 July 20
MARKET INSIGHT - INTERMODAL
It was beginning of 2020 – close to 6 months from now – when we first experienced the huge impact of the COVID 19 outbreak on Ship Repa ...
Monday, 29 June 20
INDONESIAN COAL AT THE MERCY OF THE DRAGON AND TIGER - GHEE PEH | IEEFA
Coal sector analysts have been busy in recent months mapping the negative impact of low coal prices from the COVID-19 pandemic on Indonesian coal c ...
Monday, 29 June 20
FALLING DEMAND IN CHINA AND INDIA SIGNAL TOUGH TIMES AHEAD FOR INDONESIAN EXPORTS - GHEE PEH | EEFA
Assessing the Impact on Indonesian Coal Companies
The bad news for Indonesia’s coal companies is that they are likely to have ...
Monday, 29 June 20
INDIA COAL IMPORT OUTLOOK: WEAK DEMAND, IMPORT SUBSTITUTION, EXPECT 20% YOY DECLINE - GHEE PEH | IEEFA
For India, the coal demand indicators have clearly turned negative.
According to Argus Media, since the government declared a ...
Monday, 29 June 20
CHINA COAL IMPORT OUTLOOK: MANY MOVING PARTS, FORECAST TO FALL 10% YOY - GHEE PEH | IEEFA
China’s coal demand declined in the first quarter of 2020. According to the China National Coal Association, the country consumed 870mt in th ...
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- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Transport, Egypt
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Barasentosa Lestari - Indonesia
- Renaissance Capital - South Africa
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Indonesian Coal Mining Association
- Cement Manufacturers Association - India
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Vedanta Resources Plc - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Altura Mining Limited, Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- PTC India Limited - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- The University of Queensland
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Anglo American - United Kingdom
- Economic Council, Georgia
- ASAPP Information Group - India
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Kartika Selabumi Mining - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Kumho Petrochemical, South Korea
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Uttam Galva Steels Limited - India
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