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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, 08 September 17
MIXED SIGNALS ON REFINERY PREPARATIONS FOR 2020 FUEL CHANGES - IBIA
A recent consultancy survey has suggested that some 85% of refiners have not made plans for how to deal with the expected dramatic fall in g ...
Thursday, 07 September 17
CAPESIZE: EARNINGS FOR THE BIG SHIPS KEEP UP NICELY AS DIPS ARE MODERATE AND SHORT-LIVED - FEARNLEYS
Supramax
Fewer activities in the Atlantic in start of the week with the US holidays. Owners were asking around low USD 20k for trip ex USG to Far ...
Thursday, 07 September 17
TALK OF CONSTRAINTS ON CHINESE COAL OUTPUT PUSHED PRICES HIGHER - DANIEL HYNES
Commodity markets were largely higher as a weaker USD boosted investor appetite.
According to Daniel Hynes, Senior Commodity Strategist at ANZ ...
Wednesday, 06 September 17
LAYTIME - CHARTERERS' RIGHTS & PORT COSTS - NORTH P&I CLUB
KNOWLEDGE TO ELEVATE
In a recent London Arbitration decision (18/17) the Tribunal had to consider whether the owners were entitled to recover ...
Wednesday, 06 September 17
SHIPPING MARKET INSIGHT - STELIOS KOLLINTZAS
The impact of Hurricane Harvey, which made landfall on 25th of August in South East coastline of Texas area has been the major concern of the shipp ...
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Showing 1951 to 1955 news of total 6871 |
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Bhoruka Overseas - Indonesia
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Deloitte Consulting - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Gujarat Mineral Development Corp Ltd - India
- Sree Jayajothi Cements Limited - India
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Sojitz Corporation - Japan
- Holcim Trading Pte Ltd - Singapore
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Makmur.PT - Indonesia
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- White Energy Company Limited
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Sinarmas Energy and Mining - Indonesia
- Heidelberg Cement - Germany
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- GVK Power & Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Africa Commodities Group - South Africa
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Larsen & Toubro Limited - India
- Tata Chemicals Ltd - India
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- ICICI Bank Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
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