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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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Friday, 13 October 17
U.S. COAL EXPORTS FOR THE FIRST SEVEN MONTHS OF 2017 TOTALED 51 MMST; UP 62% YOY, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million shor ...
Thursday, 12 October 17
THERMAL COAL PRICES IN EUROPE AND ASIA PUSHING HIGHER - DANIEL HYNES
Coal markets took the lead from the oil market, with thermal coal prices in Europe and Asia pushing higher says Daniel Hynes,Senior Commodity Strat ...
Wednesday, 11 October 17
2020 DEBATE AT IBIA'S LISW EVENT: COMPLIANCE & ENFORCEMENT – IT'S COMPLICATED : IBIA
There is no doubt about the start date for the 0.50% marine fuel sulphur limit in MARPOL Annex VI, but questions remain around how it will be enfor ...
Wednesday, 11 October 17
SHIPPING MARKET INSIGHT - TIMOS PPADIMITRIOU
With the majority of second-hand tonnage transactions taking place in the dry bulk sector it’s easy to lose sight of what is happening over a ...
Tuesday, 10 October 17
DELIVERY OF CARGO WITHOUT ORIGINAL BILLS OF LADING - UK P&I CLUB
KNOWLEDGE TO ELEVATE
- It is common in a lot of trades, whether bulk or oil, to accept a Letter of Indemnity (“LOI”) for non-produ ...
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Showing 1916 to 1920 news of total 6871 |
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- The University of Queensland
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Meenaskhi Energy Private Limited - India
- Africa Commodities Group - South Africa
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Aboitiz Power Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sarangani Energy Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Karbindo Abesyapradhi - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Kaltim Prima Coal - Indonesia
- Australian Coal Association
- Samtan Co., Ltd - South Korea
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
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