We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Wednesday, 03 August 16
SHIPPING MARKET INSIGHT - EVA TZIMA
 The Good…
Demand. Amidst all the unprecedented geopolitical turmoil and shifts in the likes of Brexit, the IMF lowered last month its global growth expectations but as far as growth in emerging market and developing economies is concerned, expectations were unaffected. 2016 is still expected to be the first year since 2010 that growth in these countries will pick up and this is great news for the dry bulk market, as these economies, accounting for more than 70% of global growth, are also the main drivers of dry bulk shipping.
The Bad…
Supply. A lot of hopes have been generated from scrapping activity in bigger sizes this year but the truth is that we still have a long way to go before tonnage supply gets down to a level that it can meaningfully support earnings. Let’s look at some figures in the >120,000dwt range. These vessels accounted for 295.07m dwt in January, while today, despite all the intense scrapping we are only down to 294.87m., which means that cancellations and slippage made little difference once some of the scheduled deliveries kicked in. Adding to that the 12.00m dwt that have been ordered since January (30 Valemaxes) against the 11.94m dwt that have been scrapped during the same period and the answer to the “Are we there yet?” question becomes not just a simple “Not yet.” but rather a big fat “Not even close”.
And the Ugly.
Overlapping. Ultramaxes, Kamsarmaxes, Post-Panamaxes.
Can we create a new size called Evamax please?
Was the dry bulk trade actually in need of these sizes or has the market been getting ahead of itself since the last shipping boom? Fact; as designs evolve, ships change in both their efficiency and size. But then again shouldn’t the latter be a long-term process during which the fleet of the older size gets to substantially decrease? And much more importantly a process during which actual demand and consequently charterers and traders dictate parcel size needs much more than shipbuilders? It is no wonder that the poor old Panamax has been squeezed from both below (Ultramaxes) and above (Kamsarmaxes) in the dwt range, while the modern Post-Panamax fleet has been also striving to survive, simultaneously chocking those already battered Capesize margins.
“Buy now”, “Buy later”, “The best trade is no trade”.
Different strategies, different risks, different hopes. Someone who buys today a “cheap” vessel could potentially make money from a recovery in asset prices down the line. But is just “cheap” the goal? Let’s assume that the long awaited recovery in the Dry Bulk market delays much further. That instead of a more clearly shaped “up we go” in the period leading to the eventual recovery we get a lot of mini cycles, during which the bottom is around OPEX and the ceiling not too way above. The current crisis in the dry bulk sector – as every crisis does - will undoubtedly generate a new cluster of prosperous shipowners. Whether in this specific crisis these will be the ones betting on a meaningful asset play in the next couple of years (achieved with bigger, more expensive sizes) or the ones investing in vessels that can find employment much easier during market downturns, is probably the question at hand. Investing in a size that can cover more commodities, more ports, has fewer operating expenses and let’s face it is not as easily “controlled” by bigger players, allows owners to not just bet on the asset’s appreciation – a rather risky bet if it takes much longer for the market to recover – but also operate their ships in a less challenging/volatile environment. After all, even though history does repeat itself during market cycles, the fundamentals during the times it does usually differ vastly.
By Eva Tzima
Research Analyst
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.
The Information contained within the website of COALspot.com is intended for informational purposes only and is not intended as professional counsel and should not be used as such.
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Sunday, 04 December 16
U.S. WEEKLY COAL OUTPUT DECLINED 11.9% W/E 26 NOV; UP 1.4% Y/Y, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.2 million short ton ...
Thursday, 01 December 16
OIL PRICES MAY SEE LITTLE GROWTH BEFORE 2018, FITCH RATINGS SAYS
High inventories and the potential for US shale production to respond quickly to any market tightening mean oil prices may flat line in 2017 before ...
Thursday, 01 December 16
CHINA 2017 OIL, GAS OUTPUT DROP MAY WORSEN ON CAPEX CUT: FITCH
China's oil and gas production may shrink even more in 2017 than in 2016 after the country's leading oil companies cut exploration and prod ...
Thursday, 01 December 16
ANOTHER WONDERFUL WEEK FOR PANAMAX - FEARNLEY
Supramax
A slower start to the week in the Pacific compared to last Trips from N. China to S. China is paying in the range of low USD 5k, while I ...
Tuesday, 29 November 16
AUSTRALIA'S PORT OF NEWCASTLE SHIPPED 13.08 MT OF COAL IN OCTOBER; DOWN 10.39% M/M
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port has shipped $AU1,124.7 Mi ...
|
|
|
Showing 2196 to 2200 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- AsiaOL BioFuels Corp., Philippines
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Indo Tambangraya Megah - Indonesia
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- SMC Global Power, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Generating Authority of Thailand
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- Bharathi Cement Corporation - India
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Metalloyd Limited - United Kingdom
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- White Energy Company Limited
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- South Luzon Thermal Energy Corporation
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Essar Steel Hazira Ltd - India
|
| |
| |
|
