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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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Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
Monday, 17 April 17
THE PANAMAX INDEX (BPI) ROSE (12.89%) WEEK OVER WEEK
COALspot.com: The Freight market was firm, week over a week as all segments show a positive upward trend this past week.
The Baltic Exchange, ...
Monday, 17 April 17
U.S. WEEKLY COAL OUTPUT FELL 5% WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.8 million short tons ...
Thursday, 13 April 17
OPEC OVER-DELIVERS ON OIL CUTS, BUT SEES RIVALS' OUTPUT RISING
Crude Oil Price Movements
The OPEC Reference Basket averaged $50.32/b in March, representing a decline of 5.7% from the previous month. Crude fut ...
Wednesday, 12 April 17
THE PORT OF NEWCASTLE SHIPPED 13.791 MILLION TONS OF COAL IN MARCH 2017
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export ports has shipped $AU 1,688.5 ...
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Showing 2071 to 2075 news of total 6871 |
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Star Paper Mills Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Central Electricity Authority - India
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Leighton Contractors Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Heidelberg Cement - Germany
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Sindya Power Generating Company Private Ltd
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement - Thailand
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Orica Mining Services - Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Edison Trading Spa - Italy
- Planning Commission, India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
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