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.
|
|
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
Wednesday, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
|
|
|
Showing 2351 to 2355 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- IEA Clean Coal Centre - UK
- Australian Commodity Traders Exchange
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Baramulti Group, Indonesia
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- Bharathi Cement Corporation - India
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Vedanta Resources Plc - India
- Goldman Sachs - Singapore
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Manunggal Multi Energi - Indonesia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Mintek Dendrill Indonesia
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Makarim & Taira - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Economic Council, Georgia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Parliament of New Zealand
- White Energy Company Limited
- Riau Bara Harum - Indonesia
- Posco Energy - South Korea
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Mercator Lines Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Planning Commission, India
- VISA Power Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Thai Mozambique Logistica
|
| |
| |
|
