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.
|
|
Friday, 18 November 16
U.S. WEEKLY COAL PRODUCTION TOTALS 16.8 MMST, DOWN 0.8%, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.8 million short ton ...
Thursday, 17 November 16
FROTHY THERMAL COAL PRICES POINT TO DOWNSIDE PRESSURES IN 2017 - FITCH
Fitch Ratings says in an Outlook Report that the Asian thermal coal industry will remain under pressure in 2017 due to more-than-adequate capacity ...
Thursday, 17 November 16
CHINA STEEL EXPORTS TO REMAIN HIGH IN 2017, FITCH SAYS
Fitch Ratings expects Chinese steel exports to remain at around 100 million metric tons (Mt) in 2017, due to flat 'apparent' consumption an ...
Wednesday, 16 November 16
SHIPPING MARKET INSIGHT
Going through a relatively interesting second half of the year so far in the ship repair sector, we are experiencing a volatile climate of differen ...
Tuesday, 15 November 16
CHINA, FOR MANY YEARS NOW HAS SERVED AS A MAJOR GROWTH ENGINE FOR ASIA - ALLIED SHIPPING RESEARCH
It’s been a turbulent couple of days after the announcement of the U.S. Presidential results in the early hours of Wednesday.
After week ...
|
|
|
Showing 2211 to 2215 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- Ministry of Mines - Canada
- Ambuja Cements Ltd - India
- ASAPP Information Group - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Global Coal Blending Company Limited - Australia
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Kumho Petrochemical, South Korea
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Ministry of Finance - Indonesia
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Vijayanagar Sugar Pvt Ltd - India
- Georgia Ports Authority, United States
- The University of Queensland
- Heidelberg Cement - Germany
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Larsen & Toubro Limited - India
- Thai Mozambique Logistica
- Minerals Council of Australia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Planning Commission, India
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
|
| |
| |
|
