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, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
Thursday, 18 August 16
CAPESIZE: AN EXTREMELY VOLATILE LAST WEEK, WHERE THE MAIN DRIVER HAS BEEN THE WEST AUSTRALIA MARKET
Supramax
The week has held up. After the most of the world is back at work there is some optimism again in the market. The Far East volume has in ...
Tuesday, 16 August 16
WEEKLY CS42 COAL INDEX SOARS 14.08% YEAR TO DATE AMID HIGH DEMAND
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 2.37% week over week to averaging $42.84 per ton this past week, shows CS (i) C ...
Monday, 15 August 16
DRY BULK: 2017 COULD MARK THE START OF LOWER SHIP DELIVERIES HELPING TONNAGE SUPPLY ISSUES IN THE MARKET, SAYS SHIPOWNER - HELLENIC SHIPPING NEWS
Dry bulk owner Pacific Basin, mainly active in the Handysize and Supramax trades appeared optimistic in its analysis of the prospects of the dry bu ...
Monday, 15 August 16
INDONESIAN COAL PRICES RALLYING; COAL OUTPUT REMAINS FLAT
COALspot.com: Global thermal coal prices, including Indonesian coal prices have risen sharply due to jump in imports from China as it curbs domesti ...
|
|
|
Showing 2316 to 2320 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- OPG Power Generation Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- The University of Queensland
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Trasteel International SA, Italy
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Agrawal Coal Company - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Star Paper Mills Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Romanian Commodities Exchange
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
|
| |
| |
|
