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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, 21 August 17
INDIA'S COAL IMPORTS DECLINE TO 192 MT IN FY17 - PTI
Import of coal saw a decline of 6.37 per cent to 191.95 million tonnes (MT) in 2016-17 on higher production by CIL that saw the country move to a r ...
Monday, 21 August 17
FIRM DEMAND FOR CAPES CONTINUE TO SUPPORT DRY BULK SHIPPING
COALspot.com: The freight market was continued to rose this past week compared to the previous weeks, as BDI, Cape and Panamax indexes show a posit ...
Friday, 18 August 17
U.S. WEEKLY COAL OUTPUT UP 2.1% WEEK OVER WEEK, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 17 August 17
DESPITE A HOLIDAY-DISRUPTED WEEK IT HAS BEEN A NEW ACTIVE WEEK FOR THE PANAMAXES - FEARNLEYS
Supramax
A very quiet start to the week with holidays in several countries. USG still bringing good results supported by a tight tonnage availabl ...
Monday, 14 August 17
CENTURIES ON, AND DRY BULK STILL RULES THE WAVES... - SARAH HOLDEN | CLARKSONS
By the late 1800s, the shipping industry had been transformed by the introduction of steam power and iron ships. Coal and grain were two of the mos ...
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Showing 1966 to 1970 news of total 6871 |
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- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Marubeni Corporation - India
- Grasim Industreis Ltd - India
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Parliament of New Zealand
- Aditya Birla Group - India
- The Treasury - Australian Government
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- PTC India Limited - India
- Attock Cement Pakistan Limited
- CNBM International Corporation - China
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Central Java Power - Indonesia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Eastern Energy - Thailand
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- VISA Power Limited - India
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Bhoruka Overseas - Indonesia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Mercuria Energy - Indonesia
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Deloitte Consulting - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Samtan Co., Ltd - South Korea
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
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