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Wednesday, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers reported are close to last done levels and despite the pressure in the beginning of the month, the spot market also seems to be resisting a further drop during the past week. All this has helped S&P activity to stay rather strong during a time when Buyers traditionally remain on the sidelines.
But even if 2018 ends up being a good year overall for the dry bulk market or even better than 2017; how long can this last?
Don't get me wrong, I am not expecting a collapse or a blood bath. After the lengthy period during which the massive orderbook had been casting a shadow over earnings and chocking any efforts for recovery, the market seems to have finally started reaching a balance and by this I mean that we are finally heading towards a cyclical behavior of transparent highs and lows.
Now in regards to the duration of those ups and downs, this is yet to be seen but nonetheless a more predictable or at least foreseeable market is something that ship owners, charterers and yards would love to experience again after many years of uncertainty.
We have witnessed rather short cycles in the tanker market with highs and lows being fully developed in a span of 34-44 months. But as far as tankers are concerned, we have also seen a solid differentiation between the crude and product market. It is not wrong to even talk about two different markets instead of unifying them under a single tanker market.
The shorter cycles have caused shrinkage of the duration of any windows for buying low or selling high. It is not unreasonable to expect that the dry bulk market will eventually start to show similar patterns if the aforementioned balance occurs.
It is hard to say if any specific dry bulk size segments that are highly dependable on very specific/limited number of cargoes will form sub-markets that will affect respectively asset values independently from the course of the sector as a whole as it has been the case for tankers. For example product cargo vessels have retained a more stable residual value (especially in the case of assets younger than 11 years) compared the crude carrying ships whose values appeared to be way more volatile.
But this it not the main concern or question of this insight. The main point is that a return to a more cyclical market will indeed require better reflexes on behalf of investors when it comes to placing money into either second hand or newbuilding assets.
This will put pressure to investors to have cash or finance easily accessible when opportunities arise. How will this influence the overall ship-owing land scape is yet to be seen. All of the above is pure speculation. For what is worth, we might be in the doorstep of another super cycle that will last more than 4 years. Time will tell.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
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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Sunday, 07 April 19
IMO 2020: READY OR NOT? - WOOD MACKENZIE
New Year’s Day 2020 is firmly marked in the calendar as the refining and shipping industries prepare for change.
The International Marit ...
Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
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Showing 1411 to 1415 news of total 6846 |
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- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Trasteel International SA, Italy
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- San Jose City I Power Corp, Philippines
- ICICI Bank Limited - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Kohat Cement Company Ltd. - Pakistan
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Xindia Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Videocon Industries ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Independent Power Producers Association of India
- Tamil Nadu electricity Board
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- Renaissance Capital - South Africa
- Electricity Authority, New Zealand
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Wilmar Investment Holdings
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Grasim Industreis Ltd - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- PTC India Limited - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Global Business Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- India Bulls Power Limited - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Ambuja Cements Ltd - India
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
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