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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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Tuesday, 17 October 17
SULPHUR 2020: COMING, READY OR NOT - ALIBRA SHIPPING
Some 70% of shipping companies surveyed say they do not believe the industry is ready for IMO’s 2020 deadline, when a global limit of 0.5% su ...
Tuesday, 17 October 17
U.S RECORD EXPORTS OIL TO EAST HAS HELPED THE TANKER TRADE - GEORGE LAZARIDIS
There was a flood of fresh news this week which clouded the overall prospects of the crude oil market. Just one week prior Saudi Arabia and Russia, ...
Monday, 16 October 17
INDONESIA TO INDIA COAL FREIGHT RATES STAY FIRM
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Friday, 13 October 17
INDIKA ENERGY SIGNS SHARE PURCHASE AGREEMENTS FOR AN ADDITIONAL 45% STAKE IN KIDECO
PT Indika Energy Tbk. and its wholly-owned subsidiary PT Indika Inti Corpindo (collectively, “Indika Energy”) has entered into separate ...
Friday, 13 October 17
THE SHORT-TERM OUTLOOK FOR THE PANAMAX MARKET REMAIN POSITIVE - FEARNLEYS
Supramax
The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number ...
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Showing 1911 to 1915 news of total 6871 |
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- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Globalindo Alam Lestari - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Goldman Sachs - Singapore
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Coal and Oil Company - UAE
- Attock Cement Pakistan Limited
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Wilmar Investment Holdings
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- PTC India Limited - India
- Therma Luzon, Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Maharashtra Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Altura Mining Limited, Indonesia
- Edison Trading Spa - Italy
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Ministry of Finance - Indonesia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- Riau Bara Harum - Indonesia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Meenaskhi Energy Private Limited - India
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Kalimantan Lumbung Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- The University of Queensland
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Bhushan Steel Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Bangladesh Power Developement Board
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Economic Council, Georgia
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Planning Commission, India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- GMR Energy Limited - India
- ASAPP Information Group - India
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