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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, 25 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE FOURTH WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.5 million short ton ...
Wednesday, 20 September 17
SHIPPING MARKET INSIGHT - INTERMODAL
An undoubtedly interesting market lately is the newbuilding market, in which we are witnessing numerous orders across all sectors and sizes. At the ...
Monday, 18 September 17
COAL PRICES WERE RELATIVELY UNCHANGED WEEK OVER WEEK - ANZ
COALspot.com: Coal prices were relatively unchanged, with most interest remaining in the thermal coal market said Daniel Hynes. However, falling st ...
Monday, 18 September 17
PROSPECTS ARE NOT SO CLEAR CUT FOR COAL - CLARKSONS
Prospects are not so clear-cut for coal. According to Clarksons, coal has been a key energy source since the Industrial Revolution and in 2016, ste ...
Friday, 15 September 17
U.S WEEKLY COAL OUTPUT DROPS FOR THE THIRD WEEK IN A ROW, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1936 to 1940 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Price Waterhouse Coopers - Russia
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Indonesian Coal Mining Association
- Economic Council, Georgia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Australian Coal Association
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Directorate General of MIneral and Coal - Indonesia
- Mjunction Services Limited - India
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- International Coal Ventures Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Posco Energy - South Korea
- McConnell Dowell - Australia
- Jindal Steel & Power Ltd - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
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