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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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Wednesday, 19 July 17
SHIPPING MARKET INSIGHT - NASSOS SOULAKIS
Referring back to a previous Intermodal insight that was written in the first quarter of 2017, the author at the time had claimed that MR tanker ra ...
Tuesday, 18 July 17
CHINA'S ECONOMY HAS BOOSTED OPTIMISM IN THE MARKET - GEORGE LAZARIDIS
COALspot.com: China’s economy has boosted optimism in the market as its recently announced GDP growth for the second quarter of the year exce ...
Friday, 14 July 17
IMPORTED COAL IS STILL A SAFE AND RELIABLE SOURCE OF ENERGY IN GERMANY - VDKI
COALspot.com: Imported coal is still a safe and reliable source of energy in Germany. World coal mining has reached a high plateau, but not yet a t ...
Friday, 14 July 17
U.S. WEEKLY COAL-OUTPUT IN SIGNIFICANT DECLINE, EIA FIGURES SHOW
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.4 million short tonn ...
Thursday, 13 July 17
BELT AND ROAD SHIPPING INDICES OFFICIALLY RELEASED - XINHUA
COALspot.com: The Shanghai Shipping Exchange (SSE) Tuesday officially launched the Belt and Road shipping indices to track freight trade data among ...
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Showing 2001 to 2005 news of total 6871 |
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- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Lanco Infratech Ltd - India
- Medco Energi Mining Internasional
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Sical Logistics Limited - India
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Altura Mining Limited, Indonesia
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Star Paper Mills Limited - India
- Larsen & Toubro Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Australian Commodity Traders Exchange
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- LBH Netherlands Bv - Netherlands
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- The Treasury - Australian Government
- Coal and Oil Company - UAE
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
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