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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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Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 19 August 16
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALLED AN ESTIMATED 421.6 MMST
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.8 million short ton ...
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Showing 2311 to 2315 news of total 6871 |
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- Heidelberg Cement - Germany
- ASAPP Information Group - India
- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Anglo American - United Kingdom
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Krishnapatnam Port Company Ltd. - India
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- The University of Queensland
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- White Energy Company Limited
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- VISA Power Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Offshore Bulk Terminal Pte Ltd, Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Bharathi Cement Corporation - India
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
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