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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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Saturday, 10 February 18
OIL PRICE USD 100/BARREL BY END OF 2018! - SAROJ MOHAPATRA
All demand supplies calculations are going wrong in oil market at present. US production is increasing at a good pace and set to topple Saudi comfo ...
Friday, 09 February 18
COAL BUYERS SPOOKED BY INDONESIA'S NEW SHIPPING RULES - ASSOC
Buyers of Indonesian coal are holding back orders of the fuel after the government issued new shipping rules for coal and crude palm oil that would ...
Thursday, 08 February 18
ENHANCED PRODUCTION BY COAL INDIA LIMITED HELPS DECLINE IN COAL IMPORTS - UNION MINISTER OF RAILWAYS AND COAL
According to press release from PIB, as per the current import policy, coal is kept under Open General License (OGL) and consumers are free to impo ...
Thursday, 08 February 18
A NEW WEEK WITH A SOFT SENTIMENT AND DECREASING RATES IN BOTH HEMISPHERE FOR THE PANAMAXES, SAYS FEARNLEYS
Supramax
USG dropping remarkably due to lack of fresh enquiry both for fhaul and bhaul, Supras were fixed from USG to Spore-Japan range now aroun ...
Wednesday, 07 February 18
INDONESIAN COAL PRICE REFERENCE RISES TO HIT THIRTEEN-MONTH HIGH OF $100.69 A TON
COALspot.com: The Indonesian Coal Price Reference (HBA) rose 5.39 per cent in February 2018, the latest ministerial decree showed.
The benchma ...
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Showing 1811 to 1815 news of total 6871 |
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- Indo Tambangraya Megah - Indonesia
- VISA Power Limited - India
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Singapore Mercantile Exchange
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Wood Mackenzie - Singapore
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- Malabar Cements Ltd - India
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Sarangani Energy Corporation, Philippines
- The University of Queensland
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- PTC India Limited - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Binh Thuan Hamico - Vietnam
- Electricity Authority, New Zealand
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Borneo Indobara - Indonesia
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Semirara Mining and Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Energy Development Corp, Philippines
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- TeaM Sual Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Romanian Commodities Exchange
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