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, 13 May 16
COAL CARGOES - SOME RECENT DEVELOPMENTS: SWEDISH CLUB
KNOWLEDGE TO ELEVATE
Indonesia continues to be amongst the world’s major exporters of coal, some 426Mt being traded in 2013 mostly to In ...
Friday, 13 May 16
US WEEKLY COAL PRODUCTION IS RUNNING 33% BELOW THE SAME PERIOD IN 2015 - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 10.9 million short tons (mm ...
Friday, 13 May 16
DRY BULK SHIPPING MARKET RECOVERY WILL BE A LONG, HARD-FOUGHT BATTLE - HELLENIC SHIPPING NEWS
Anyone who expects a strong rally in dry bulk market rates to end the industry’s downturn will be bitterly disappointed. By contrast – ...
Wednesday, 11 May 16
U.S. FORECAST COAL PRODUCTION IS EXPECTED TO DECLINED BY 150 MMST IN 2016; THE LARGEST DECLINE SINCE 1949 - EIA
COALspot.com: EIA estimates that U.S. coal production in April was 46 million short tons (MMst), a 6 MMst (12%) decrease from the previous month an ...
Wednesday, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
|
|
|
Showing 2436 to 2440 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Finance - Indonesia
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Ambuja Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Cement Manufacturers Association - India
- Cigading International Bulk Terminal - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- Oldendorff Carriers - Singapore
- Samtan Co., Ltd - South Korea
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Bayan Resources Tbk. - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Mercator Lines Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Deloitte Consulting - India
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Interocean Group of Companies - India
- The University of Queensland
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Power Finance Corporation Ltd., India
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Bhoruka Overseas - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
|
| |
| |
|
