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Wednesday, 31 January 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
 Days before the celebrations of the Lunar New Year, the dry bulk market seems to be holding well, against negative predictions. Period numbers reported are close to last done levels and despite the pressure in the beginning of the month, the spot market also seems to be resisting a further drop during the past week. All this has helped S&P activity to stay rather strong during a time when Buyers traditionally remain on the sidelines.
But even if 2018 ends up being a good year overall for the dry bulk market or even better than 2017; how long can this last?
Don't get me wrong, I am not expecting a collapse or a blood bath. After the lengthy period during which the massive orderbook had been casting a shadow over earnings and chocking any efforts for recovery, the market seems to have finally started reaching a balance and by this I mean that we are finally heading towards a cyclical behavior of transparent highs and lows.
Now in regards to the duration of those ups and downs, this is yet to be seen but nonetheless a more predictable or at least foreseeable market is something that ship owners, charterers and yards would love to experience again after many years of uncertainty.
We have witnessed rather short cycles in the tanker market with highs and lows being fully developed in a span of 34-44 months. But as far as tankers are concerned, we have also seen a solid differentiation between the crude and product market. It is not wrong to even talk about two different markets instead of unifying them under a single tanker market.
The shorter cycles have caused shrinkage of the duration of any windows for buying low or selling high. It is not unreasonable to expect that the dry bulk market will eventually start to show similar patterns if the aforementioned balance occurs.
It is hard to say if any specific dry bulk size segments that are highly dependable on very specific/limited number of cargoes will form sub-markets that will affect respectively asset values independently from the course of the sector as a whole as it has been the case for tankers. For example product cargo vessels have retained a more stable residual value (especially in the case of assets younger than 11 years) compared the crude carrying ships whose values appeared to be way more volatile.
But this it not the main concern or question of this insight. The main point is that a return to a more cyclical market will indeed require better reflexes on behalf of investors when it comes to placing money into either second hand or newbuilding assets.
This will put pressure to investors to have cash or finance easily accessible when opportunities arise. How will this influence the overall ship-owing land scape is yet to be seen. All of the above is pure speculation. For what is worth, we might be in the doorstep of another super cycle that will last more than 4 years. Time will tell.
By Timos Papadimitriou
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, 27 February 18
SHELL SEES POTENTIAL LNG SUPPLY SHORTAGE AS GLOBAL DEMAND SURGES
Media Release: The global liquefied natural gas (LNG) market has continued to defy expectations of many market observers, with demand growing by 29 ...
Saturday, 24 February 18
CHINA BECOMES WORLD'S SECOND LARGEST LNG IMPORTER, BEHIND JAPAN - EIA
China surpassed South Korea to become the world’s second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS ...
Friday, 23 February 18
ESTIMATED U.S. WEEKLY COAL PRODUCTION UP 2.8 PER CENT W/E 17 FEB' 18 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.6 million short tons ...
Thursday, 22 February 18
WHY THE COMMODITY RALLY WILL GET BACK ON TRACK - SIMON FLOWERS
Implications for the US dollar and producers
Are we in the early stages of a sustained rise in commodity prices? And what does it mean for the ...
Thursday, 22 February 18
PANAMAX: IT HAS BEEN A SLOW AND UNEVENTFUL WEEK - FEARNLEYS
Supramax
Slight improvement from Atlantic with more hope for upcoming weeks. More grain cargoes from Black Sea made fhaul rates better again $17- ...
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Showing 1796 to 1800 news of total 6871 |
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- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- San Jose City I Power Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Iligan Light & Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Krishnapatnam Port Company Ltd. - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Toyota Tsusho Corporation, Japan
- Australian Commodity Traders Exchange
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Indian Oil Corporation Limited
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Lanco Infratech Ltd - India
- Heidelberg Cement - Germany
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Salva Resources Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Australian Coal Association
- Aditya Birla Group - India
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Oldendorff Carriers - Singapore
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Attock Cement Pakistan Limited
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Intertek Mineral Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Eastern Energy - Thailand
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