Fold, Hold, Double Up - which hand to play next? James Frew - Maritime Strategies International (MSI) 2017 Capital Link New York Maritime Forum
|
|
- Evelyn Smith
- 5 years ago
- Views:
Transcription
1 Fold, Hold, Double Up - which hand to play next? James Frew - Maritime Strategies International (MSI) 2017 Capital Link New York Maritime Forum
2 Fold, Hold, Double Up - which hand to play next? Agenda 1. Demand 2. Supply 3. Earnings 4. Scenarios 5. The Winning Hand? 6. The real risk Maritime Strategies International 2
3 Fold, Hold, Double Up Demand Maritime Strategies International
4 Seaborne Cargo Growth - Positive Positive cargo growth across the board Maritime Strategies International
5 Average Annual Cargo Growth Relative Ranking Historical Forecast Ranking Movement (Forecast v Historical) Maritime Strategies International 5
6 Cargo Growth Only Presents Part of the Picture Maritime Strategies International 6
7 How Many Ships? Routes Distance Speed Waiting/Port Time Operating Days Ballast Ratio Carrying Capacity Size Changes Maritime Strategies International 7
8 Differentiating Hands Dry Bulk Effective Speed* Deck stacked against older tonnage? * Calculation is representative of port to port speed, including slow steaming, anchoring, waiting etc. Maritime Strategies International 8
9 Incremental Vessel Requirements (H )* 350 # of Vessels Crude Oil Product Chemicals * Assuming a current supply demand equilibrium LPG LNG Maritime Strategies International 9 Bulker Container PCTC Cruise AHTS
10 Full Picture Includes Supply Maritime Strategies International 10
11 Fold, Hold, Double Up Supply Maritime Strategies International
12 Vessel Requirements (H ) v s Current Orderbook 400 # of Vessels Ships Required Ships on order Over supply Crude Oil Product Chemicals LPG LNG Bulker Container PCTC Cruise AHTS Maritime Strategies International 12
13 Supply Side - 3 Card Trick Maritime Strategies International 13
14 Contracting as % of Fleet Contracting historically low * Includes MSI s forecast assessments for contracting, scrapping, slippage and cancellations Maritime Strategies International 14
15 Cancellations - Cancellations generally trending down Maritime Strategies International 15
16 Fleet Age Profile Youngest Fleet Oldest Fleet Maritime Strategies International 16
17 When to Fold - Average Age At Scrap 40 Average Age Oil Tanker Bulker Chem Tankers LPG Carriers Containerships Dry Cargo Reefer Vehicle Carrier Maritime Strategies International 17
18 Average Annual Fleet Growth Supply odds favourable * Includes MSI s forecast assessments for contracting, scrapping, slippage and cancellations Maritime Strategies International 18
19 Fold, Hold, Double Up Earnings Maritime Strategies International
20 Where on the Earnings Cycle Are We? Crude and Product Tanker OSVs LPG Carrier Rigs LNG MPP Chemical Tanker PCTC Container Bulker RoRo Schematic for illustrative purposes only! Maritime Strategies International
21 Earnings Maritime Strategies International 21
22 Fold, Hold, Double Up Scenarios Maritime Strategies International
23 Policy shifts impacting trade Maritime Strategies International 23
24 Two Scenarios Resource Nationalism Base Case Maximise use of national resources Limit imports Low priority given to environmental issues Strong demand for resources (in the short-run at least) Some efforts to control pricing Import when it makes economic sense Some attention paid to the environment More balanced economic growth Maritime Strategies International 24
25 Coal trade is finely balanced 2.5 Bn T Net Difference (Inverted, RH Axis) Mn T -200 Chinese Coal Production 2.0 Chinese Coal Consumption Maritime Strategies International 25
26 Policy shifts can have a massive impact 350 Chinese Coal Imports, MnT 300 Base Case Resource Nationalism Assuming China maximises its own coal production rather than relying on imports has severe implications for coal trade Maritime Strategies International 26
27 And take the zip out of a recovery $ k/day Only changing our assumption on coal trade, 2018 becomes a downturn and even in 2020 earnings are still 6% below the BC Base Case Resource Nationalism Maritime Strategies International 27
28 China s domestic chemical production key Mn T China s chems consumption outpacing consumption creates a healthy demand environment for chem tankers Implied Deficit (RH Axis) Production Consumption Mn T Maritime Strategies International 28
29 Impact of full utilisation on vessel demand 8 Mn Dwt 7 6 Base Case Resource Nationalism Strong chems imports relies on Chinese chemical production capacity operating at less than 100% utilisation Maritime Strategies International 29
30 Chemical Tanker Earnings Clobbered If China s chemical production can somehow run at full nameplate capacity, there won t be a chemical tanker market recovery Maritime Strategies International 30
31 Not all doom and gloom crude booms! $/bbl Oil Price (Base Case) Oil Price (Resource Nationalism) Oil Demand (Base Case, RH Axis) Oil Demand (Resource Nationalism, RH Axis) YoY Ch 3.5% 3.0% % % % % % 0 0.0% Maritime Strategies International 31
32 VLCC earnings back to 2015? VLCC 1 Yr T/C ($ k/day) Base Case Resource Nationalism The Resource Nationalism scenario assumes aggressive crude production causing an oil price drop in turn triggering strong demand and thus a VLCC market spike Maritime Strategies International 32
33 Fold, Hold, Double Up The Winning Hand? Maritime Strategies International
34 MSI - FMV MSI Forecast Marine evaluator (FMV) is the first web-based tool to provide forecast and historical price data covering virtually all of the deepsea shipping fleet. Data includes forecasts of newbuilding, second-hand prices, 1 year timecharter rates and operating costs for specific vessels. MSI FMV draws on MSI s proven, proprietary models and a consistent cross-sectional view across all principal shipping sectors. It puts asset values in the context of the near term market to enable reliable benchmarking with outputs based on annual averages. Coverage: Crude Oil Tanker Chemical Tanker Multi Purpose Product Oil Tanker LPG Carrier Containership Dry Bulk Carrier LNG Carrier PCC/PCTC AHTS /fmv PSV Maritime Strategies International 34
35 Pure Asset Play Maritime Strategies International 35
36 Base Case Including Cashflows Maritime Strategies International 36
37 Impact of resource nationalism Maritime Strategies International 37
38 Fold, Hold, Double Up The bigger risk Maritime Strategies International
39 Consolidating excess capacity key Shipbuilding Capacity, Mn CGT Other N. America E. Europe W. Europe China S. Korea Japan Maritime Strategies International 39
40 What happens if consolidation is slower? Mn CGT Japan - Scenario S.Korea - Scenario China - Scenario Japan - Base Case S.Korea - Base Case China - Base Case Maritime Strategies International 40
41 The impact for asset play is significant Maritime Strategies International 41
42 MSI Background For over 30 years, MSI has developed integrated relationships with a diverse client base of financial institutions, ship owners, shipyards, brokers, investors, insurers and equipment and service providers. MSI s expertise covers a broad range of shipping sectors, providing clients with a combination of sector reports, forecasting models, vessel valuations and bespoke consultancy services. MSI is staffed by economists and scientists offering a structured quantitative perspective to shipping analysis combined with a wide range of industry experience. MSI balances analytical power with service flexibility, offering a comprehensive support structure and a sound foundation on which to build investment strategies and monitor/assess exposure to market risks. Maritime Strategies International 42
43 Disclaimer While this document has been prepared, and is presented, in good faith, Maritime Strategies International assumes no responsibility for errors of fact, opinion or market changes, and cannot be held responsible for any losses incurred or action arising as a result of information contained in this document. The copyright and other intellectual property rights in data, information or advice contained in this document are and will at all times remain the property of Maritime Strategies International. Maritime Strategies International 43
44 Maritime Strategies International Ltd 6 Baden Place Crosby Row London SE1 1YW United Kingdom Tel: +44 (0) Fax: +44 (0) info@msiltd.com
Which Asset Classes to Invest In and When to Do It. OSVs vs MODUs: Forecasts for utilization, day rate development & asset values
Which Asset Classes to Invest In and When to Do It OSVs vs MODUs: Forecasts for utilization, day rate development & asset values James Frew- Maritime Strategies International (MSI) Marine Money Offshore
More informationRoads to Recovery: Comparing and Contrasting the Outlook for Distressed Sectors
Roads to Recovery: Comparing and Contrasting the Outlook for Distressed Sectors Niklas Carlén Maritime Strategies International (MSI) 18 th Annual Marine Money Greek Ship Finance Forum 11 th October 2016
More informationShipyard Capacity Conundrum: What Next?
Shipyard Capacity Conundrum: What Next? Dr Adam Kent - Maritime Strategies International (MSI) 8th Annual Marine Money London Ship Finance Forum 25 th Jan 2016 Agenda Shipyard Capacity Conundrum: What
More informationShipyard Capacity Conundrum: What Next?
Shipyard Capacity Conundrum: What Next? Dr Adam Kent - Maritime Strategies International (MSI) 8th Annual Marine Money London Ship Finance Forum 25 th Jan 2016 Agenda Shipyard Capacity Conundrum: What
More informationFlexibility and Complexity: How to Unlock Value in Today s Shipping Markets
Flexibility and Complexity: How to Unlock Value in Today s Shipping Markets James Frew- Maritime Strategies International (MSI) Marine Money Asia 19 th September 2018 Agenda Flexibility and Complexity
More informationThe Valuation of Ships Art and Science
The Valuation of Ships Art and Science By Roger Bartlett, Managing Director, Maritime Strategies International Asia Pte Ltd For Marine Money s 6 th Annual Korean Ship Finance Forum Busan 1 st November
More informationFREIGHT DYNAMICS IN THE LOW PRICE CLIMATE METAL BULLETIN INTERNATIONAL IRON ORE SYMPOSIUM
FREIGHT DYNAMICS IN THE LOW PRICE CLIMATE METAL BULLETIN INTERNATIONAL IRON ORE SYMPOSIUM JUNE 216 PRESENTATION STRUCTURE year-to-date freight market in perspective 1q16 sees vessel earnings sink to historic
More informationFREIGHT AND LOWER COMMODITY PRICES METAL BULLETIN INTERNATIONAL IRON ORE SYMPOSIUM
FREIGHT AND LOWER COMMODITY PRICES METAL BULLETIN INTERNATIONAL IRON ORE SYMPOSIUM JUNE 215 PRESENTATION STRUCTURE current situation acutely depressed actual & expected earnings China slowdown more severe
More informationTHE TANKER MARKET WHERE IT IS IN 2018; WHERE IT COULD BE IN 2020 & WHERE IT SHOULD BE IN 2050
THE TANKER MARKET WHERE IT IS IN 2018; WHERE IT COULD BE IN 2020 & WHERE IT SHOULD BE IN 2050 How the tanker market could develop over the next couple of years and a few thoughts about how it should be
More informationDevelopments in the Shipping Cycle & the Impact on Revenues & Asset Values
Developments in the Shipping Cycle & the Impact on Revenues & Asset Values Dr Martin Stopford, Managing Director, Clarkson Research Services Ltd IUMI Hull Underwriting Committee Workshop Mastering Rough
More informationShipbuilding Market Overview
Shipbuilding Market Overview Cargotec Capital Markets Day, Helsinki, 17 th November 2011. Steve Gordon, Clarkson Research Services Limited (CRSL) The information supplied herewith is believed to be correct
More informationDry Bulk Market Outlook March 2017
DRY BULK MARKET OUTLOOK MARCH 217 Dry Bulk Market Outlook March 217 MARKET DEVELOPMENTS - SUMMARY a rather healthy start to the year, with capes leading the charge Iron ore imports to China increased by
More informationTanker supply until 2015 OECD working party on shipbuilding Paris by Manager Research and Projects Paris 4-5 December
Tanker supply until 215 OECD working party on shipbuilding Paris by Erik.Ranheim@INTERTANKO.com Manager Research and Projects Paris 4-5 December 28 Tanker contracting bn $/ bn $ 5 4 3 2 1 Handy Panamax
More informationSouth Asia. Economy and trade. Shailesh Garg Director General Manager Drewry Maritime Services Pvt. Ltd
South Asia Economy and trade 10 October 2018 Shailesh Garg Director General Manager Drewry Maritime Services Pvt. Ltd. +91 124 497 4950 shailesh@drewry.co.uk Agenda Global & regional overview Country overview
More informationFive Issues For Shipping Today
Martin Stopford President, Clarkson Research Five Issues For Shipping Today Are you worrying about the right thing? The Seventh City of London Biennial Meeting 12 th November 213 Issue 1: Shipping Cycle
More informationThe economic value of the EU shipping industry. Andrew P Goodwin
The economic value of the EU shipping industry Andrew P Goodwin 2 nd April 2014 Introduction Shipping is a vital facilitator of world trade 135 % Increase in world GDP in the last two decades 180 % Increase
More informationProduct Tanker Market
Product Tanker Market Chemical & Product Tanker Conference London 8 th 9 th March 2011 Presented by Simon Newman Senior Tanker Analyst Historical Earnings & Asset Prices Jan-00 Jul-00 Jan-01 Jul-01 Jan-02
More informationInterim Results 30 June 2014
Interim Results 30 June 2014 Clarkson PLC 18 August 2014 Interim Results www.clarksons.com Agenda Headline results Divisional performance The market Outlook 18 August 2014 Interim Results www.clarksons.com
More informationDry Bulk Shipping in Indonesia Opportunities & Outlook
Dry Bulk Shipping in Indonesia Opportunities & Outlook Mare Forum, Jakarta 27 Peter Malpas 29 th November 27 Introduction Indonesia Key Facts Land Area 1,919,44 km2 = World s s 16 th Largest Population
More informationThe Multipurpose & Heavy Lift transportation outlook 18 th February 2015
The Multipurpose & Heavy Lift transportation outlook 18 th February 215 BreakBulk Africa Congress Johannesburg, South Africa By Drewry Maritime Research oatway@drewry.co.uk 18 th February 215 2 Agenda
More informationThe Great Eastern Shipping Co. Ltd. Debt Investors Meet September 2016
The Great Eastern Shipping Co. Ltd. Debt Investors Meet September 2016 Corporate Profile The Great Eastern Shipping Company Shipping (Bulk) Offshore (Through wholly-owned subsidiary Greatship (India) Limited)
More informationTrade Growth - Fundamental Driver of Port Operations and Development Strategies
Trade Growth - Fundamental Driver of Port Operations and Development Strategies Marine Terminal Management Training Program October 15, 2007 Long Beach, CA Paul Bingham Global Insight, Inc. 1 Agenda Economic
More informationLEIF HÖEGH & CO ASA ACQUIRES. UGLAND INTERNATIONAL HOLDING plc s 50% INTEREST IN THE HUAL JOINT VENTURE
LEIF HÖEGH & CO ASA ACQUIRES UGLAND INTERNATIONAL HOLDING plc s 50% INTEREST IN THE HUAL JOINT VENTURE nrb-kaj-hual-countries-pres-270100 1 THE ACQUISITION PRICE IS USD 390 MILL, WHICH IS PRIMARILY FINANCED
More informationMarket Outlook January,
Market Outlook 2004 January, 2004 www.teekay.com Forward Looking Statements This document contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended)
More informationIUMI 2018 REPORT ON WORLD MERCHANT FLEET AND WORLD TRADE
IUMI 2018 REPORT ON WORLD MERCHANT FLEET AND WORLD TRADE Donald Harrell Chairman IUMI Facts & Figures Committee, Head of International Insurance and Global Head of Marine - Aspen Insurance September 17,
More informationReview of the Shipping Freight Market, Dynamics & Outlook
Review of the Shipping Freight Market, Dynamics & Outlook TZMI 2016 Congress Peter Malpas 9 th November 2016 Disclaimer The information contained within this report is given in good faith based on the
More information18 th May Global Steel Industry Trends: Is the perception the reality?
18 th May 2004 Global Steel Industry Trends: Is the perception the reality? Investors have perceived the steel industry negatively Poor returns over the long term, high volatility, relatively small size
More informationNITC Outlook On Middle East Oil Movement & Tanker Shipping
NITC Outlook On Middle East Oil Movement & Tanker Shipping Presented by: Mohammad Souri Chairman & CEO, NITC Intertanko s Annual Event Istanbul, 20-23 April 2008 1 Country Oil Proven Reserve Billion Barrel
More informationTHE FUTURE OF SHIPPING
THE FUTURE OF SHIPPING Martin Stopford Non-Exec President, Clarkson Research Breaking waves 2018, Helsinki 3-4- December 2018 20/12/2018 Martin Stopford SMI 22 November 20 th 2018 2 THE FUTURE OF SHIPPING
More informationThe World and U.S. Economy and San Pedro Bay Container Trade Outlook Forecast Review
The World and U.S. Economy and San Pedro Bay Container Trade Outlook Forecast Review Michael Keenan Harbor Planning and Economic Analyst Port of Los Angeles October 5, 2009 Review of 2007 Container Trade
More informationShifting International Trade Routes A National Economic Outlook. February 1, 2011
Shifting International Trade Routes A National Economic Outlook February 1, 2011 Today s Objectives Endeavor to provide a broad context for today s program by briefly touching on: Some good news Some not
More informationMarket Update. Randy Tinseth Vice President, Marketing Boeing Commercial Airplanes. Copyright 2016 Boeing. All rights reserved.
Market Update The statements contained herein are based on good faith assumptions are to be used for general information purposes only. These statements do not constitute an offer, promise, warranty or
More informationDRY BULK FREIGHT MARKET 2017 REVIEW AND FORWARD ANALYSIS
DRY BULK FREIGHT MARKET 2017 REVIEW AND FORWARD ANALYSIS Assocarboni Roma March 22 nd, 2018 MARCH 2018 1 STRUCTURE OF PRESENTATION Market figures and graphs for 2017 Main market movers for 2017 Supply
More informationCapesize & VLOC Market Outlook
Capesize & VLOC Market Outlook (an analysis of the fleet profile, trade prospects, and rates) July 2018 bancosta blue studies volume DRY 2018/#09 research www.bancosta.com ; research@bancosta.com Jul 2018
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Update.
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Update February 26, 2013 The Worst Recession Since the Great Depression 0% Loss from Peak
More information5. Golf Industry Trends and Developments in the US 6. The US Macro Economy Factors and Impact over Golf Industry
TABLE OF CONTENTS 1. Golf Industry Performance Worldwide 1.1. Overview 1.2. Global Golf Equipment Demand and Economy 2. The US Golf Industry Overview 2.1. Industry Segmentation 3. Industry Performance
More informationBob Costello Chief Economist & Vice President American Trucking Associations. Economic & Motor Carrier Industry Trends. September 10, 2013
Bob Costello Chief Economist & Vice President American Trucking Associations Economic & Motor Carrier Industry Trends September 10, 2013 The Freight Economy Washington continues to be a headwind on economic
More informationDRY CARGO TONNAGE PROCUREMENT
DRY CARGO TONNAGE PROCUREMENT Capital Markets Day Henrik Lykkegaard Madsen Vice President Copenhagen, Denmark 1 June 2012 NORDEN Dry Cargo Tonnage Procurement 1 AGENDA Business model Fleet overview Tonnage
More informationDr Neil J. Bristow. 8 th WSD Steel Success Strategies European Steel Conference London, 30 th November H & W Worldwide Consulting
Dr Neil J. Bristow 8 th WSD Steel Success Strategies European Steel Conference London, 30 th November 2010 neil.j.bristow@hwworldwideconsult.com +61240286268 H & W Worldwide Consulting 1. Brief comparison
More informationMarket Report Series Oil 2017
Market Report Series Oil 2017 Neil Atkinson, Head Oil Industry & Markets Division, IEA International Institute for Strategic Studies, Bahrain, 17 September 2017 Oil demand continues to grow but at a slower
More informationA Distant Mirror: Credit contraction, monetary policy and commodity prices during the Great Depression. John Kemp Reuters 30 January 2009
A Distant Mirror: Credit contraction, monetary policy and commodity prices during the Great Depression John Kemp Reuters 3 January 29 BORROWING BOOM IN 192s. FOLLOWED BY DE-LEVERAGING IN 193s U.S.$ bn
More informationPaul Bingham Managing Director, Global Trade and Transportation February 18, 2009
Economic Outlook and Ports Paul Bingham Managing Director, Global Trade and Transportation February 18, 2009 The Outlook for Trade Depends on Goods Demand Integrated international supply-chains offer efficiencies
More informationMarket Report Series Oil SIEW 2017 launch - 28 March 2017
Market Report Series Oil 2017 SIEW 2017 launch - 28 March 2017 Oil demand continues to grow but at a slower pace 2.0 Global oil demand growth 2014-2022 1.5 1.0 0.5 0.0 2014 2015 2016 2017 2018 2019 2020
More informationADDITIONAL MARKET OUTLOOK for the year ended 31 December 2015
ADDITIONAL MARKET OUTLOOK for the year ended 31 December 2015 SOUTH AFRICAN PORT VOLUMES 2015 TEUs 2015 2014 Volume Variance % Deep sea landed full 1 471 927 1 386 381 85 546 6.17 Deep sea landed empty
More informationHandy & Supra Market Outlook
Handy & Supra Market Outlook (an analysis of the fleet profile, trade prospects, and rates) Aug 2018 bancosta blue studies volume DRY 2018/#11 research www.bancosta.com ; research@bancosta.com Aug 2018
More informationPerspectives on the long-term outlook for iron ore
Perspectives on the long-term outlook for iron ore John Barkas john.barkas@metalytics.com.au Iron Ore 2015 Perth WA, 13 July 2015 Disclaimer Metalytics is a consultancy based in Sydney, Australia that
More informationDemographic change, long-run housing demand and the related challenges for the Irish banking sector
Demographic change, long-run housing demand and the related challenges for the Irish banking sector December 5 th, 2016 esri.ie David Duffy, Daniel Foley, Kieran McQuinn and Niall McInerney Outline: Addresses
More informationImpacts of the Global Economy on Asia Pacific Travel. 29 June 2007 John Walker
Impacts of the Global Economy on Asia Pacific Travel 29 June 2007 John Walker jwalker@oxfordeconomics.com Oxford Economics Founded in 1981 Over 300 clients including blue chip companies and government
More informationFactors impacting supply and demand in boom and recession. Dr Paul Stott, Newcastle University
Factors impacting supply and demand in boom and recession Dr Paul Stott, Newcastle University Demand considerations Improving market and competitive conditions in global shipbuilding requires that both
More informationTrade and Economic Trends
Trade and Economic Trends Marine Terminal Management Training Program Paul Bingham Managing Director, Global Commerce & Transportation IHS Global Insight Long Beach, CA September 21, 2009 The Global Recession
More informationThe Source for Maritime Information and Insight. Copyright Copyright 2009 IHS Global 2008 IHS Insight. Inc. All Rights Reserved. 1
The Source for Maritime Information and Insight Copyright Copyright 2009 IHS Global 2008 IHS Insight. Inc. All Rights Reserved. 1 A Greener Shade of Blue Christopher Pålsson Director IHS Fairplay 20 minutes
More informationFINANCING THE ENERGY TRANSITION
FINANCING THE ENERGY TRANSITION CLEAN ENERGY INVESTMENT TRENDS: HISTORY AND PROSPECTS GUY TURNER CHIEF ECONOMIST PRESENTATION TITLE, DAY MONTH YEAR 1 CONTENTS 1. Global investment patterns to date 2. UK
More informationThe Houston Economy Jesse Thompson Regional Business Economist The Federal Reserve Bank of Dallas, Houston Branch January 2017
The Houston Economy Jesse Thompson Regional Business Economist The Federal Reserve Bank of Dallas, Houston Branch January 2017 Image from http://peoplesguidetohouston.wordpress.com/category/uncategorized/
More informationAirlines, the economy and air transport demand
Airlines, the economy and air transport demand Brian Pearce, Chief Economist, IATA www.iata.org/economics Airline Industry Economics Advisory Workshop 2016 1 Returns for airlines investors lower this year;
More informationWorld Trade Services Outlook
World Trade Services Outlook Copyright 2005 Global Insight, Inc. Paul Bingham Global Insight, Inc. October 26, 2006 Macro View of Trade Confirms Globalization s Long-term Impact on the U.S. Economy 18
More informationShort and Medium-Term Oil Market Outlook. 13 th Shanghai Derivatives Market Forum - 25 May 2016
Short and Medium-Term Oil Market Outlook 13 th Shanghai Derivatives Market Forum - 25 May 2016 Oil world changed on Nov. 27 th 2014 $/bbl 120 Brent crude oil 100 80 60 40 Copyright 2016 Argus Media 20
More informationGlobal Containerboard Outlook
Global Containerboard Outlook With a focus on the Asian market RISI Asian Conference May 2017 Ken Waghorne VP, Global Packaging Ken Waghorne VP Global Packaging kwaghorne@risi.com One of the original Resource
More informationChina s energy insecurity: strategies and future prospects
China s energy insecurity: strategies and future prospects Philip Andrews-Speed Centre for Energy, Petroleum and Mineral Law and Policy, University of Dundee Andrews-Speed 1 Energy supply & demand 1,800.00
More informationEMERGING AUTOMOTIVE, CRUDE OIL, AND CHEMICALS SUPPLY CHAINS IN THE US SOUTHEAST
SEPTEMBER 2015 EMERGING AUTOMOTIVE, CRUDE OIL, AND CHEMICALS SUPPLY CHAINS IN THE US SOUTHEAST Presentation to the Southeast Association of Rail Shippers 2015 Fall Conference, Orlando, Florida Christopher
More informationTelling Canada s story in numbers Elizabeth Richards Analytical Studies Branch April 20, 2017
Recent Developments in the Canadian Economy: How have the decline in oil prices and a weaker Canadian dollar affected Canada s economy? www.statcan.gc.ca Telling Canada s story in numbers Elizabeth Richards
More informationSeven Lean Years Explaining Persistent Global Economic Weakness
Seven Lean Years Explaining Persistent Global Economic Weakness 9 June 2015 Bank of Canada and European Central Bank Conference Tim Lane Deputy Governor Bank of Canada The global economy remains weak and
More informationThe Long-term Perspective: IHS Scenarios to 2030 applied to Automotive. Presented by: Nigel Griffiths Chief Automotive Economist IHS Automotive
The Long-term Perspective: IHS Scenarios to 2030 applied to Automotive Presented by: Nigel Griffiths Chief Automotive Economist IHS Automotive Millions Global Light Vehicle Sales: A Growth Industry Once
More informationCanada s economy on track for a solid 2018 although policy uncertainty lingers
Canada s economy on track for a solid 2018 although policy uncertainty lingers Dawn Desjardins (Deputy Chief Economist) (416) 974-6919 dawn.desjardins@rbc.com March 2018 Canada is facing a challenging
More informationOur Company. Sail with us into calm waters! -
Rudder Systems Our Company The company MM-Offshore GmbH is one of the major designing and producing ship s equipment supplier in the international shipbuilding market. With our experience of more than
More informationThe State of the Tanker Industry
Oslo IMSF May 22, 2012 The State of the Tanker Industry Erik Ranheim Senior Manager Research & Projects The Common Law of Business Balance It s unwise to pay too much, but it s worse to pay too little.
More informationCargo outlook Brian Pearce Chief Economist. 13 December 2018
Cargo outlook 2019 Brian Pearce Chief Economist 13 December 2018 1 Cargo revenue contribution stabilizing 2 % total revenues 82% 80% 78% 76% 74% 72% 70% 68% 66% 64% 62% 2008 2009 2010 2011 2012 2013 2014
More informationPressure building in the tin market?
Pressure building in the tin market? DATE: 25 May 2017 PREPARED BY: Cui Lin PREPARED FOR: SHFE Conference Presentation overview 2016 in review Recent market trends The outlook for supply and demand Summary
More informationBusiness opportunities in Turkish Maritime Industry Marco Rensma Director MEYS Emerging Markets Research Istanbul, 24 May 2012
Business opportunities in Turkish Maritime Industry Marco Rensma Director MEYS Emerging Markets Research Istanbul, 24 May 2012 Content presentation 1. Introduction MEYS Emerging Markets Research 2. Global
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Presented to: Maquiladora Industry Outlook Conference September 29 2006 Presented by: Patrick Newport Principal, U.S. Macroeconomic Service 781-301-9125 patrick.newport@globalinsight.com
More informationShifts in Global Trade Patterns
Shifts in Global Trade Patterns Presented to: AAPA Shifting International Trade Routes and Planning for the Panama Canal Expansion January 23, 2008 Port of Tampa Presented by: Robert West Managing Director
More informationPowered Lawn Mower Market in United Kingdom to Market Size, Development, and Forecasts
Powered Lawn Mower Market in United Kingdom to 2019 - Market Size, Development, and Forecasts Published: 5/2015 Global Research & Data Services Table of Contents List of Tables Table 1 Demand for powered
More informationEnergy and commodity price benchmarking and market insights
DeWitt Energy and commodity price benchmarking and market insights London, Houston, Washington, New York, Portland, Calgary, Santiago, Bogota, Rio de Janeiro, Singapore, Beijing, Tokyo, Sydney, Dubai,
More informationMajor Issues and Trends Facing the Port and Marine Transportation Industry
Major Issues and Trends Facing the Port and Marine Transportation Industry Presented to: AAPA Marine Terminal Management Training Program April 24, 2006 Charleston Riverview Hotel Charleston, SC - USA
More informationFuture Global Trade Trends - Risks & Opportunities. Pulse of the Ports: Peak Season Forecast March 21, 2013
1 Future Global Trade Trends - Risks & Opportunities Pulse of the Ports: Peak Season Forecast March 21, 2013 June 2012 Dr. Walter Kemmsies Chief Economist Summary Higher economic growth in 2013, possible
More informationThe Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times
The Shifts and the Shocks Martin Wolf, Associate Editor & Chief Economics Commentator, Financial Times Peterson Institute for International Economics 9 th October 2014 Washington DC The Shifts and the
More informationEpic Gas Q Earnings Presentation
Epic Gas Q2 2018 Earnings Presentation 15 August 2018 Disclaimer This Presentation (hereinafter collectively referred to as the Presentation ) has been produced by Epic Gas Ltd. (the Company, or Epic )
More informationThe Changing Global Economy Impacts on Seaports and Trade Dr. Walter Kemmsies
The Changing Global Economy Impacts on Seaports and Trade Dr. Walter Kemmsies Chief Economist, PAGI Group, JLL (Port, Airport & Global Infrastructure) Agenda Where are we in the cycle? What are the barriers
More informationOutlook Global Automotive Industry
Outlook Global Automotive Industry Jonathon Poskitt, Director, Global Sales Forecasts TAYSAD Aftermarket Conference Istanbul, 25 May 2018 LMC Automotive Global Presence Regional Expertise Local Support
More informationThe Economic Outlook. Economic Policy Division
The Economic Outlook Economic Policy Division Glass Half Full Six plus years of moderate growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half
More informationAccell Group. power in branding and distribution. Business profile. René Takens (CEO) Two segments: - Bicycles, Bicycle Parts & Accessories - Fitness
Accell Group power in branding and distribution Brussels/Antwerp, René Takens (CEO) Wouter de Vreeze (Manager M&A/IR) 1 Business profile Two segments: - Bicycles, Bicycle Parts & Accessories - Fitness
More informationOLEFINS AND METHANOL. 34th IHS World Methanol Conference OCTOBER 2016
OCTOBER 2016 OLEFINS AND METHANOL 34th IHS World Methanol Conference Steve Lewandowski, Vice President - Olefins +1 281 752 3230 steve.lewandowski@ihsmarkit.com Agenda On purpose olefins production becomes
More informationOur Company. Sail with us into calm waters! -
Rudder Systems Our Company The company MM-Offshore GmbH is one of the major designing and producing ship s equipment supplier in the international shipbuilding market. With our experience of more than
More informationChief Economist s Report
Chief Economist s Report 22 February 2017 IATA Legal Symposium, Washington Brian Pearce Chief Economist, IATA Airline Industry Economics Advisory Workshop 2016 1 Themes 1. World economy still stuck on
More informationContainership Market Outlook
Containership Market Outlook (an analysis of the fleet profile, trade prospects, and rates) September 2018 research www.bancosta.com ; research@bancosta.com 1 Index 1. Fleet Development page 3 2. Shipbuilding
More informationSulphur Market Outlook
Sulphur Market Outlook Meena Chauhan Head of Sulphur and Sulphuric Acid Integer Research The Fertilizer Institute Outlook and Technology conference Fort Lauderdale, Florida Founded in 2002, Integer Research
More informationEnergy Outlook Global and Domestic Trends and Challenges. Dr. John Caldwell Director of Economics, EEI 1
Energy Outlook Global and Domestic Trends and Challenges Dr. John Caldwell Director of Economics, EEI 1 World GDP Growth Other Economies are Outpacing the U.S. Other, 7996.16, 11% Africa, 3962.51, 6% Latin
More informationLivorno s Europa Platform Project. 26 th May Andrew Penfold / Steve Wray Ocean Shipping Consultants (part of Royal HaskoningDHV)
Livorno s Europa Platform Project 26 th May 2015 Andrew Penfold / Steve Wray Ocean Shipping Consultants (part of Royal HaskoningDHV) Maggio 2015 Livorno market situation Italian container demand has show
More informationWINDS OF CHANGE GLOBAL FLEET & MRO MARKET FORECAST
WINDS OF CHANGE 2016-2026 GLOBAL FLEET & MRO MARKET FORECAST SEPTEMBER 28, 2016 Chris Doan Vice President AVIATION Oliver Wyman s Aviation, Aerospace & Defense practice is the largest and most capable
More informationOPEC. Annual Statistical Bulletin Fuad Al Zayer Head, Data Services Department OPEC September
OPEC Annual Statistical Bulletin 2006 Fuad Al Zayer Head, Data Services Department OPEC 1 13 September 2007 http://www.opec.org 2006, OUTLINE Present the 2006 edition of the OPEC ASB Show examples of topics
More informationBy making use of SAFRIM (South African Inter-Industry Macro-Economic Model) By Jeaunes Viljoen, Conningarth Economists, 1
By making use of SAFRIM (South African Inter-Industry Macro-Economic Model) By Jeaunes Viljoen, Conningarth Economists, South Africa 10/13/2011 1 1960: The economy experienced high growth rates mining
More informationBC Pension Forum. Economic Outlook. Presented by: Ben Homsy, CFA Portfolio Manager
BC Pension Forum Economic Outlook Presented by: Ben Homsy, CFA Portfolio Manager 1694 1704 1713 1723 1732 1741 1751 1760 1770 1779 1788 1798 1807 1817 1826 1836 1845 1854 1864 1873 1883 1892 1901 1911
More informationThe Velocity of Money Revisited
The Velocity of Money Revisited Lawrence J. Lau Ralph and Claire Landau Professor of Economics, The Chinese Univ. of Hong Kong and Kwoh-Ting Li Professor in Economic Development, Emeritus, Stanford University
More informationThe Global Economy: Sustaining Momentum
The Global Economy: Sustaining Momentum David J. Stockton Senior Fellow Peterson Institute for International Economics Chief Economist Monetary Policy Analytics October 5, 2017 What s Driving the Global
More informationANNUAL RESULTS PRESENTATION. 20 March, 2014 Hong Kong
ANNUAL RESULTS PRESENTATION 20 March, 2014 Hong Kong Content Ⅰ Ⅱ Financial Highlights Business Performance Ⅲ Trend and Objectives Ⅳ Outlook and Perspectives Financial Highlights Total Assets (RMB billion)
More informationNorth American Powertrain Outlook
IHS AUTOMOTIVE North American Powertrain Outlook UMTRI Focus on the Future Automotive Research Conferences ihs.com Powertrain Strategies for the 21 st Century: Revolution and Evolution Wednesday, July
More informationContainer Terminals Operations & Planning
Presentation Container Terminals Operations & Planning Long Beach, CA September 10, 2013 Copyright 2013 by CH2M HILL Inc. Reproduction and distribution in whole or in part beyond the intended scope of
More informationGlobal Mineral Commodity Prices: Perspectives and Trends
17 th Brazilian Mining Congress and EXPOSIBRAM 2017 Global Mineral Commodity Prices: Perspectives and Trends When Will the Market Hit Deficit: Risks, Opportunities, China s Changing Consumption Pattern,
More informationThe Economic Outlook. Economic Policy Division
The Economic Outlook Economic Policy Division Glass Half Full Six years of steady growth Real GDP Outlook Percent Change, Annual Rate 10 5 0-5 -10 1980 1985 1990 1995 2000 2005 2010 2015 Glass Half Full
More informationHotel Performance and Outlook
Hotel Performance and Outlook HICAP 2016 Jesper Palmqvist 20 October apinfo@strglobal.com 2016 STR, Inc. All Rights Reserved. Any reprint, use or republication of all or a part of this presentation without
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Nigel Gault Chief U.S. Economist, IHS Global Insight FTA Revenue Estimation & Tax Research Conference Charleston, West Virginia October 17, 2011 What Has Happened to the Recovery?
More information