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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, 24 May 17
LR MARKET IT SEEMS THAT EARNINGS ARE STILL UNDER PRESSURE - INTERMODAL
As we are approaching the summer season, the Clean Product market appears poised to become more challenging, either on East or West of Suez.
L ...
Tuesday, 23 May 17
TANKERS WEEKLY MARKET NOTE - ALLIED
It’s been a turbulent couple of weeks on the oil front, with the effectiveness of OPEC’s policy being under debate amongst most traders ...
Monday, 22 May 17
THE SHIPPING INDEX DECLINES AGAIN
COALspot.com: The Freight market again decline this past week, as BDI and all other indexes show a negative trend week over week.
The Baltic E ...
Friday, 19 May 17
U.S WEEKLY COAL OUTPUT UP 1.2% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 13.5 million short ton ...
Thursday, 18 May 17
SUPRAMAX : COAL TRIPS TO CHINA WITH VESSELS OPEN INDO HAVE BEEN FIXED AROUND $8000
Supramax
Atlantic market has stayed quiet with no substantial developments.
Cont to Med scrap cargoes have concluded around 11k says Fearnle ...
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Showing 2041 to 2045 news of total 6871 |
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- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Planning Commission, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Standard Chartered Bank - UAE
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Coalindo Energy - Indonesia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Antam Resourcindo - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Globalindo Alam Lestari - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Energy Development Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petron Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Savvy Resources Ltd - HongKong
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Makarim & Taira - Indonesia
- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Gujarat Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Australian Coal Association
- White Energy Company Limited
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Banpu Public Company Limited - Thailand
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Australian Commodity Traders Exchange
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
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