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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, 09 October 17
INDONESIAN COAL PRICE REFERENCE HITS NEW HIGH FOR 2017
COALspot.com: Indonesian coal benchmark price surges 2.13% in October month over month, the latest ministerial decree showed.
The benchmark pr ...
Monday, 09 October 17
INDIA'S COAL IMPORTS UP 10% IN SEPT AS POWER PLANTS FACE FUEL SHORTAGE - PTI
Coal imports rose by 9.5 per cent to 18.33 million tonnes (MT) in September, after having registered year-on-year decline for five months in a row, ...
Friday, 06 October 17
U.S. WEEKLY COAL OUTPUT HAS REBOUNDED AFTER DECLINING 5 WEEKS IN A ROW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
Wednesday, 04 October 17
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
During the past couple of months the dry bulk market has displayed particularly strong momentum and we have been witnessing steady appetite and act ...
Tuesday, 03 October 17
VIETNAM'S COAL-FIRED THERMAL POWER DEPENDENT ON CHINA - VIETNAMNET BRIDGE
A report from the Green Innovation and Development Centre (GreenID) showed that, as of the end of last year, of 27 coal-fired thermopower plants, 1 ...
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Showing 1921 to 1925 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- White Energy Company Limited
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Mjunction Services Limited - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Agrawal Coal Company - India
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement - Thailand
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- India Bulls Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- McConnell Dowell - Australia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- SN Aboitiz Power Inc, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- PTC India Limited - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Economic Council, Georgia
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
- International Coal Ventures Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
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