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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, 08 August 17
COAL SALES DESTINATION IS DOMINATED BY DEVELOPING COUNTRIES IN ASIA - ADARO
COALspot.com: Adaro Energy has produced 13.27 million tonnes of coal during the second quarter of 2017, from the mines PT Adaro Indonesia, PT Semes ...
Tuesday, 08 August 17
KOMIPO INVITES BIDS FOR 5200 AND 5700 NAR COAL FOR Q4 2017
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued an another new tender for 420,000 Metric Tons of Bituminous coal ...
Monday, 07 August 17
INDIA'S THERMAL COAL IMPORTS HAVE FALLEN BY 16% YEAR-ON-YEAR IN THE FIRST FIVE MONTHS OF THIS YEAR
COALspot.com: The second quarter of 2017 was characterized by volatility in the coal market driven by policy measures and weather disruptions say A ...
Monday, 07 August 17
BUMA SIGNED $385 MILLION WORTH OF NEW CONTRACT WITH PT PADA IDI
COALspot.com: PT Delta Dunia Makmur Tbk., has announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into min ...
Monday, 07 August 17
THE SHIPPING INDEXES BOUNCE BACK THIS PAST WEEK
COALspot.com: The Freight market rose this past week compared to the previous week, as BDI, Cape and Panamax indexes show a positive trend week ove ...
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Showing 1981 to 1985 news of total 6871 |
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- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- Samtan Co., Ltd - South Korea
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Africa Commodities Group - South Africa
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Larsen & Toubro Limited - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Lanco Infratech Ltd - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Standard Chartered Bank - UAE
- Indian Energy Exchange, India
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Minerals Council of Australia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Planning Commission, India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- The University of Queensland
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Renaissance Capital - South Africa
- Global Coal Blending Company Limited - Australia
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Indonesian Coal Mining Association
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Malabar Cements Ltd - India
- Ministry of Mines - Canada
- Simpson Spence & Young - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Ind-Barath Power Infra Limited - India
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