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, 27 June 16
INDONESIA BANS (AGAIN) SHIPS SAILING TO THE PHILIPPINES FROM INDONESIA
COALspot.com: The Indonesian Transport Ministry strictly prohibited harbour masters issuing permits to all Indonesian-flagged vessels bound for the ...
Friday, 24 June 16
U.S WEEKLY COAL PRODUCTION UP MARGINALLY
COALspot.com – U.S, world’s one of the largest coal producers has produced approximately totalled an estimated 13.4 million short tons ...
Wednesday, 22 June 16
SMALL RISE IN SHIPPING CONFIDENCE - MOORE STEPHENS
In May 2016, the average confidence level expressed by respondents in the markets in which they operate was 5.1 on a scale of 1 (low) to 10 (high). ...
Wednesday, 22 June 16
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Stagnation- With the BDI stuck in the low 600 points for almost a month now, if we had to choose a word to describe the state of the Dry Bulk freig ...
Monday, 20 June 16
CS COAL INDICES CONTINUE UPWARD TREND SINCE END APRIL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up again by 0.05 percent week over week to averaging $39.39 per ton this past we ...
|
|
|
Showing 2386 to 2390 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- The University of Queensland
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Barasentosa Lestari - Indonesia
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Siam City Cement - Thailand
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Altura Mining Limited, Indonesia
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- TNB Fuel Sdn Bhd - Malaysia
- PTC India Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Australian Coal Association
- Parliament of New Zealand
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- The State Trading Corporation of India Ltd
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- Sakthi Sugars Limited - India
- VISA Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Standard Chartered Bank - UAE
- Kohat Cement Company Ltd. - Pakistan
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- LBH Netherlands Bv - Netherlands
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Kaltim Prima Coal - Indonesia
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Bahari Cakrawala Sebuku - Indonesia
- PNOC Exploration Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- GAC Shipping (India) Pvt Ltd
- Mjunction Services Limited - India
- Ind-Barath Power Infra Limited - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
|
| |
| |
|
