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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, 31 July 17
KOMIPO INVITES BIDS FOR 750K MT OF 5,700 KCAL/KG NAR COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 750,000 Metric Tons of Bituminous coal for its B ...
Monday, 31 July 17
THE PORT OF NEWCASTLE SHIPPED 17.08 PERCENT LESS COAL IN JUNE 2017 COMPARED TO ITS MAY LOADING
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,442.8 ...
Monday, 31 July 17
THE FREIGHT MARKET DECLINE THIS PAST WEEK
COALspot.com: The Freight market decline this past week compared to the previous week, as BDI and Panamax indexes show a negative trend week over w ...
Friday, 28 July 17
U.S. WEEKLY COAL PRODUCTION UP 1.4% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.5 million short tonn ...
Thursday, 27 July 17
CAMPBELL SHIPPING APPOINTS ISS FOR GLOBAL HUSBANDRY REPRESENTATION SERVICES CONTRACT - ISS
COALspot.com: Inchcape Shipping Services (ISS) is delighted to announce that it has secured a global husbandry representation contract with Campbel ...
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Showing 1991 to 1995 news of total 6871 |
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- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Lanco Infratech Ltd - India
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Planning Commission, India
- Makarim & Taira - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- Siam City Cement PLC, Thailand
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Xindia Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Orica Australia Pty. Ltd.
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- The University of Queensland
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Ministry of Mines - Canada
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Economic Council, Georgia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- MS Steel International - UAE
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Aboitiz Power Corporation - Philippines
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Orica Mining Services - Indonesia
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- LBH Netherlands Bv - Netherlands
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- European Bulk Services B.V. - Netherlands
- PNOC Exploration Corporation - Philippines
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Green Power PLC Corporation, Philippines
- Thiess Contractors Indonesia
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
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