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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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Wednesday, 21 February 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
2017 proved to be a relatively good year with positive margins for the Dry Bulk market. Especially during the last quarter of the year everyone can ...
Tuesday, 20 February 18
INDIA: COAL IMPORT RISES BY 12 PER CENT TO 18 MILLION TONNES IN JANUARY - PTI
The country’s coal import increased by 12.4 per cent to 18.49 million tonnes (MT) in January, against 16.
44 MT in the same month of the ...
Monday, 19 February 18
JOINT INSURANCE - WHY SHOULD YOU CARE? - SKULD
KNOWLEDGE TO ELEVATE
It is neither controversial nor new to say that co-assureds under a joint insurance policy cannot claim against each othe ...
Friday, 16 February 18
U.S. WEEKLY COAL OUTPUT DOWN 4.5 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.2 million short tons ...
Thursday, 15 February 18
INDIA: THERMAL POWER PLANTS UNDER STRESS ON RISING COAL, FREIGHT COSTS - BUSINESS STANDARD
Coal-based power plants are feeling the heat of spike in thermal grade coal prices and railway freight costs.
Prices of thermal grade coal sin ...
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Showing 1801 to 1805 news of total 6871 |
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- South Luzon Thermal Energy Corporation
- PTC India Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- Bharathi Cement Corporation - India
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Planning Commission, India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Orica Australia Pty. Ltd.
- Indo Tambangraya Megah - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Interocean Group of Companies - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Maharashtra Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Chettinad Cement Corporation Ltd - India
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Manunggal Multi Energi - Indonesia
- Wilmar Investment Holdings
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- The University of Queensland
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Iligan Light & Power Inc, Philippines
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Merrill Lynch Commodities Europe
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Xindia Steels Limited - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Savvy Resources Ltd - HongKong
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Gujarat Sidhee Cement - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Neyveli Lignite Corporation Ltd, - India
- Marubeni Corporation - India
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