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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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Wednesday, 25 October 17
COAL MARKETS REMAINED SUBDUED - DANIEL HYNES
Coal markets remained subdued.
Daniel Hynes, Senior Commodity Strategist at ANZ, Coking coal prices were unchanged amid an absence of fresh of ...
Wednesday, 25 October 17
SHIPPING MARKET REPORT - INTERMODAL
While the majority of perspective Buyers in the dry bulk second-hand market is currently focusing on modern tonnage, there is also increased activi ...
Tuesday, 24 October 17
KOMIPO INVITED BIDS FOR MIN. 4600 NAR BLENDED SUB-BITUMINOUS COAL OF INDONESIAN ORIGIN FOR BORYEONG OR NEW BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 5,000,000 Metric Tons of blended sub-bi ...
Tuesday, 24 October 17
CHINA'S INSATIABLE APPETITE FOR THIS ENERGY COMMODITY CONTINUES STRONG - GEORGE LAZARIDIS
Crude oil prices have been seeing some support emerge this past week as supply disruptions in Iraq and a drop in US drilling has helped bolster oil ...
Friday, 20 October 17
U.S COAL PRODUCTION FELL 1.45 PER CENT WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
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Showing 1906 to 1910 news of total 6871 |
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- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- CNBM International Corporation - China
- GMR Energy Limited - India
- Standard Chartered Bank - UAE
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Indian Energy Exchange, India
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Planning Commission, India
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Indonesian Coal Mining Association
- Latin American Coal - Colombia
- Central Electricity Authority - India
- International Coal Ventures Pvt Ltd - India
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Attock Cement Pakistan Limited
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
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