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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, 14 August 17
THE FREIGHT MARKET CONTINUES ON AN UPWARD PATH
COALspot.com: The freight market was continued to rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positi ...
Monday, 14 August 17
IN A PARIS AGREEMENT WORLD, COAL WILL MEET GROWING ASIAN ENERGY NEEDS - BENJAMIN SPORTON
When providing 41% of the world’s electricity, 85% of global cement, 74% of the world’s steel and 60% of the world’s aluminum, co ...
Friday, 11 August 17
KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for total 1,280,000 Metric Tons of Bitumino ...
Friday, 11 August 17
U.S WEEKLY COAL OUTPUT ALMOST FLAT WEEK OVER WEEK, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 16.1 million short tonn ...
Thursday, 10 August 17
GLOBAL COAL PRODUCTION FELL SIGNIFICANTLY IN 2016 - IEA
COALspot.com: Global coal production fell significantly in 2016, while global trade in natural gas was up. These are two of the key messages in Wor ...
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Showing 1971 to 1975 news of total 6871 |
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- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Indogreen Group - Indonesia
- Meralco Power Generation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Tata Chemicals Ltd - India
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Mercator Lines Limited - India
- The University of Queensland
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- SN Aboitiz Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Ministry of Mines - Canada
- Star Paper Mills Limited - India
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Economic Council, Georgia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- TNB Fuel Sdn Bhd - Malaysia
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Romanian Commodities Exchange
- Miang Besar Coal Terminal - Indonesia
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- SMC Global Power, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
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