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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, 05 July 17
TROUBLE SEEMS TO BE LOOMING ONCE MORE IN THE STEEL INDUSTRY - GEORGE LAZARIDIS
Trouble seems to be looming once more in the steel industry as US President Trump puts forth his plans for specialist protectionist measures for th ...
Friday, 30 June 17
U.S. WEEKLY COAL OUTPUT SLIGHTLY DOWN
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tonn ...
Wednesday, 28 June 17
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
From the beginning of the year until now SnP activity has changed significantly. To put things into perspective, after a fast and furious q1 on the ...
Monday, 26 June 17
PANAMAX/KAMARMAXES HAD A STRONG WEEK WITH RATES RISING IN MOST AREAS OF THE MARKET - BALTICEXCHANGE
Capesize
A dark cloud appeared to have descended over the market for the big ships with rates continuing to slide in all areas. There was a repor ...
Friday, 23 June 17
U.S. WEEKLY COAL PRODUCTION TOTALED APPROXIMATELY 15.8 MMST; UP 1.8% W/W
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.8 million short tonn ...
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Showing 2016 to 2020 news of total 6871 |
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- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- White Energy Company Limited
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Therma Luzon, Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Anglo American - United Kingdom
- Borneo Indobara - Indonesia
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Australian Coal Association
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Petrochimia International Co. Ltd.- Taiwan
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- MS Steel International - UAE
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Interocean Group of Companies - India
- GMR Energy Limited - India
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- Lanco Infratech Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- Indian Oil Corporation Limited
- Posco Energy - South Korea
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Pipit Mutiara Jaya. PT, Indonesia
- Mercuria Energy - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- Vizag Seaport Private Limited - India
- PNOC Exploration Corporation - Philippines
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