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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, 12 September 17
KOMIPO TO IMPORT 2.5 MILLION TONS OF 5700 NAR COAL FOR 5 YEARS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 500,000 Metric Tons of Bituminous ...
Monday, 11 September 17
A PUNCHY WEEK FOR THE BIG SHIPS AS THE RATE FOR WEST AUSTRALIA TO CHINA HIT $8.00 THE FIRST TIME IN NEARLY THREE YEARS - BALTIC EXCHANGE
Capesize
A punchy week for the big ships as the rate for West Australia/China hit $8.00 the first time in nearly three years. A Jiangsu Steamship ...
Monday, 11 September 17
INDONESIAN ICPR SURGES HIGHER, POSTS BIGGEST MONTHLY RISE SINCE DECEMBER 2016, ESDM DATA SHOWS
COALspot.com: Indonesian coal benchmark price surges 9.60% in September, government data showed.
The benchmark price of Indonesian th ...
Monday, 11 September 17
KOMIPO INVITED BIDS FOR TOTAL 6.235 MMT OF 5700 AND 5100 NAR COAL FOR 2017 TO 2022 LOADING
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,590,000 Metric Tons of Bitumino ...
Monday, 11 September 17
THE FREIGHT MARKET ROSE WEEK OVER WEEK; BCI UP 22.22% & BPI UP 14.77%
COALspot.com: The freight market rose in all segments week over week. Mainly Cape and Panamax have supported to pushed up BDI this past week, BDI, ...
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Showing 1946 to 1950 news of total 6871 |
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- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- Rio Tinto Coal - Australia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Posco Energy - South Korea
- The University of Queensland
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Eastern Coal Council - USA
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Attock Cement Pakistan Limited
- Commonwealth Bank - Australia
- Pendopo Energi Batubara - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mjunction Services Limited - India
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- GAC Shipping (India) Pvt Ltd
- Siam City Cement - Thailand
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- Australian Coal Association
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- SMG Consultants - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- MS Steel International - UAE
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Sakthi Sugars Limited - India
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- Meenaskhi Energy Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
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