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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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Monday, 14 November 16
DUNIA MAKMUR SUBSIDIARY BAGS MINING SERVICE CONTRACT WORTH $ 282.63 MILLION
PT Bukit Makmur Mandiri Utama (BUMA), has signed a life of mine contract with PT Tadjahan Antang Mineral (TAM) with a contract value of approximate ...
Monday, 14 November 16
THE CAPE INDEX ROSE 44.57 PER CENTS TO 2303 POINT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose slightly and ending in a positive note this past wee ...
Friday, 11 November 16
INDONESIAN 4200 GAR COAL IS THE MOST ATTRACTIVE COAL IN TODAY'S MARKET - OPINION POLL
“ Which coal type of Indonesian origin do you find the most attractive in today's market?”
The on-line opinion poll conducted ...
Friday, 11 November 16
WEEKLY U.S. COAL OUTPUT FELL SLIGHTLY W/E NOVEMBER 5
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.9 million short ton ...
Thursday, 10 November 16
WILL TRUMP VICTORY PROVIDE A BOOST FOR HYDROCARBON & COAL INDUSTRIES? - DOUGLAS-WESTWOOD
Donald Trump’s surprise victory ends months of an adversarial presidential campaign with bitter disagreements between the two major candidate ...
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Showing 2216 to 2220 news of total 6871 |
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- Oldendorff Carriers - Singapore
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Altura Mining Limited, Indonesia
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- Savvy Resources Ltd - HongKong
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Economic Council, Georgia
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Tata Chemicals Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Parliament of New Zealand
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Kideco Jaya Agung - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Mercator Lines Limited - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PTC India Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- Vizag Seaport Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- GMR Energy Limited - India
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Ministry of Transport, Egypt
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement - Thailand
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sinarmas Energy and Mining - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sarangani Energy Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- White Energy Company Limited
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- ICICI Bank Limited - India
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