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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, 03 October 17
RIO TINTO COMPLETES FIRST FULLY AUTONOMOUS RAIL JOURNEY IN WESTERN AUSTRALIA
Rio Tinto has successfully completed the first fully autonomous rail journey at its iron ore operations in the Pilbara region of Western Australia ...
Tuesday, 03 October 17
ALLIED MARKET ANALYSIS
It seems as though the future of the oil trade was once again put into the spotlight, as the Asia Pacific Petroleum Conference took place last week ...
Friday, 29 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FIFTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.7 million short ...
Thursday, 28 September 17
SUPRAMAX: S.CHINA TRIP TO INDIA HAS BEEN FIXED AT AROUND US$ 11000 - FEARNLEYS
Supramax
The hot market seen the last weeks in the Pacific has softened as the Golden week holiday in China approaches and the October shipments ...
Thursday, 28 September 17
THE 'UNREASONABLE' COST OF CASUALTY REPAIRS: ASSOCIATION OF AVERAGE ADJUSTERS CHAIRMAN DETAILS CLAIMS DILEMMAS
KNOWLEDGE TO ELEVATE
The ‘unreasonable’ cost of casualty repairs: Association of Average Adjusters chairman details claims dilemma ...
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Showing 1926 to 1930 news of total 6871 |
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- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Leighton Contractors Pty Ltd - Australia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indika Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Mercuria Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Therma Luzon, Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Dalmia Cement Bharat India
- South Luzon Thermal Energy Corporation
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Karaikal Port Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
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