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Wednesday, 11 January 17
MARKET INSIGHT - GEORGE DERMATIS
 A new year has dawned upon us and it sure promises to be an exciting one which makes it practically impossible to resist the challenge of making a forecast –especially when asked to do the first insight of the year. And given the range of variables ahead, let make it a bit harder; let’s take a closer look on the DRY sector which remains at the forefront of volatility and the inherent liquidity of assets creates paradoxical examples faster than we can justify why it happened.
Many were anticipating a sluggish start to the year due to a strong Q4, markets taking a step back as they digest Trump taking over on 20Jan17 and of course the “inevitable seasonal lullaby” caused by the upcoming Chinese New year -28th January. However, activity levels and appetite for new business thus far point to a different direction. Sentiment remains strongly positive and literature around a much healthier 2017 is already stacking up. Negative fleet growth, lower than expected actual orderbook, higher commodity prices, focus on higher infrastructure spending globally and increasing pressure on older tonnage through a tighter regulatory framework are becoming the flavor of the month and it’s becoming impossible to spot even ONE person that believes that 2017 will be similar –let alone worse- than 2016. Yes, sentiment plays a huge role but before talking about a self-fulfilling prophecy have we really sailed away from Scylla and Charybdis?
With Dow Jones, Nasdaq and other indices worldwide trading at historical highs, it is rather worrisome that Bankers observe such procrastination from investors towards new offerings as well as increasing criticism over the production potential of existing stocks. Most pundits believe that the commodity and energy post-election rally to be largely overvalued and we could soon see its flipside. Continuous delays on the Basel III implementation schedule seem to be short-term “wins” for the banking system but, truth be told, access to finance is not going to change until we see the new system being in place.
2016 was a record-setting year in the post-Lehman year in terms of sales transacted as well as asset value appreciations across all sizes but on the contrary demo activity –especially in the second half of 2016- dropped considerably and, god forbid, if deliveries-demolition balance looks as bad as the graph below, then we might reach a new dead-end. If you add to the equation a rising appetite and itchy fingers lining up for newbuilding orders due to low prices and Tier II regulations, it makes for an explosive “cocktail”.
Finally, don’t forget that when it comes to dry bulk Shipping in the new millennium, the determining factor was, is and will be China and they have two important milestones coming up -ahead of the implementation of its newly voted environmental tax law. Firstly, the timeline and extent of adopting to Basel III regulations and secondly, the 19th National Congress of the Communist Party of China will be held in Beijing, China in the autumn of 2017. The new 5-year-plan is the focal point of the Chinese economy and hopefully the trigger event for a truly happy year.
All in all, the industry has certainly found a footing BUT we need to remain rational, stay the course of recovery and manage expectations based on the fundamentals that have brought us to the present.
By George Dermatis
SnP Broker
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.
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Monday, 06 November 17
MARINE BUNKER EXCHANGE EXPECTS BUNKER PRICES WILL CONTINUE UPWARD TREND NEXT WEEK
World fuel indexes rose during the week, supported by main oil producers’ statements about possible extension of oil production cut agreement ...
Monday, 06 November 17
THE THERMAL COAL MARKET CAME UNDER SOME PRESSURE AS THE OUTLOOK FOR DEMAND WEAKENED - DANIEL HYNES
Commodities were mixed as investors grappled with a revised tax plan in the US amid a rising USD said Daniel Hynes in his linked in post.
Acco ...
Monday, 06 November 17
THE FREIGHT MARKET WAS CONTINUED TO SOFTEN THIS PAST WEEK; BCI DOWN 184 POINT WEEK OVER WEEK
COALspot.com: The freight market was continued to soften this past week compared to the previous week, as BDI and all segments except Panamax index ...
Friday, 03 November 17
U.S. COAL PRODUCTION FELL WEEK-OVER-WEEK, EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.5 million short ton ...
Wednesday, 01 November 17
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
As it was expected, the strong dry bulk freight market of the past couple of months has inspired similar activity in the second-hand market. Noneth ...
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Showing 1896 to 1900 news of total 6871 |
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- Romanian Commodities Exchange
- Posco Energy - South Korea
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- Central Electricity Authority - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Marubeni Corporation - India
- India Bulls Power Limited - India
- Larsen & Toubro Limited - India
- Jindal Steel & Power Ltd - India
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- ASAPP Information Group - India
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Cement Manufacturers Association - India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- VISA Power Limited - India
- Bhatia International Limited - India
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- PowerSource Philippines DevCo
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- GMR Energy Limited - India
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