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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 April 17
THE AVERAGE SECOND HAND PANAMAXES AND CAPES PRICES FOR A 5-YR OLD VESSEL HAS INCREASED MORE THAN 19% AND 20% RESPECTIVELY M/M - INTERMODAL
With the help of what so far appears to be a very strong grain season together with the fact that imports from China have remained so far robust in ...
Tuesday, 04 April 17
THE IRON ORE HAS BEEN ABLE TO KEEP ITS GROWTH PATH FAIRLY WELL; THERE IS STILL ONE PART OF THE WORLD THAT IS STILL HEAVILY COMMITTED TO COAL
With the close of March having let us with a very positive after taste and having witnessed near the end of the month the Baltic Dry Index at its h ...
Monday, 03 April 17
WORLD COAL TRADE STABLE IN 2016: DEMAND SHIFTS TO SOUTH-EAST ASIA - ASSOCARBONI
ASSOCARBONI: Coal confirmed as the leading fuel for electricity generation, accounting for 40% of overall production in 2016.
World coal trade ...
Monday, 03 April 17
DRY BULK RATES CONTINUING TO FIRMING UP
COALspot.com: The Freight market was continuing to firming up. Baltic Panamax Index rose 12.81 percent week over week.
The Baltic Exchang ...
Friday, 31 March 17
U.S. COAL PRODUCTION INCREASE SLIGHTLY WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 14.5 million short tons ...
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Showing 2081 to 2085 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Manunggal Multi Energi - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Pendopo Energi Batubara - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Dalmia Cement Bharat India
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- White Energy Company Limited
- Rio Tinto Coal - Australia
- Minerals Council of Australia
- Australian Coal Association
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Mjunction Services Limited - India
- Deloitte Consulting - India
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- GAC Shipping (India) Pvt Ltd
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Iligan Light & Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- Thai Mozambique Logistica
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Neyveli Lignite Corporation Ltd, - India
- Lanco Infratech Ltd - India
- Formosa Plastics Group - Taiwan
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Simpson Spence & Young - Indonesia
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