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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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Friday, 08 May 20
THE COLLAPSE OF THE OIL AND BUNKER FUEL MARKETS IN EARLY 2020 - PETER SAND
The sulphur regulation from the International Maritime Organization (IMO) that came into force on 1 January 2020 took the centre stage in the shipp ...
Friday, 08 May 20
LNG DEMAND FACED SEVERAL HEADWINDS IN THE FIRST QUARTER OF 2020 - GASLOG
LNG demand faced several headwinds in the first quarter of 2020 including a warmer than average winter in the northern hemisphere, high inventory l ...
Thursday, 07 May 20
IEEFA UPDATE: THE OUTLOOK FOR THERMAL COAL IN SOUTHEAST ASIA AND SOUTH ASIA
Seven headwinds are building to sustained growth in coal in Asia
The medium term outlook for thermal coal in Southeast Asia is posit ...
Thursday, 07 May 20
IMO 2020: BUNKER CLAIMS HANDLING GUIDE FOR A NEW DECADE - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
IMO 2020 is the term generally used to describe the following regulations under Annex VI of the International Convention ...
Thursday, 07 May 20
CRUDE OIL TANKER EARNINGS DROP 68% IN NINE DAYS - BIMCO
Crude oil tanker earnings have come down sharply in recent weeks with Very Large Crude Carrier (VLCC) earnings from the Middle East Gulf to China d ...
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- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Madhucon Powers Ltd - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Planning Commission, India
- The Treasury - Australian Government
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- IHS Mccloskey Coal Group - USA
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Australian Coal Association
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Metalloyd Limited - United Kingdom
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Deloitte Consulting - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
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