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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, 07 February 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
Crude oil supply has been reported to have grown by approx. 2.5% reaching 40.1m bpd in 2017. However, tanker charter rates have been under pressure ...
Tuesday, 06 February 18
THE FUNDAMENTALS FOR INDIAN COAL IMPORTS CONTINUE TO LOOK PROMISING - TORVALD KLAVENESS
Back in August we reported that the fundamentals impacting Indian coal imports looked more promising.
Trade flow data today implies 17.4Mt of ...
Monday, 05 February 18
SUPRAMAX : INDONESIA TO INDIA PASSING THROUGH SINGAPORE HAS SOFTENED
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has softened, week over week, own ...
Friday, 02 February 18
SUPRAMAX : INDONESIA TO CHINA COAL TRIPS ARE PAYING AROUND MID USD 9000 - FEARNLEYS
Supramax
Rather quiet week within Atl, specially Continent due to lack of cargoes.
According to Fearnleys Weekly - Dry bulk report published ...
Friday, 02 February 18
U.S. YEAR-TO-DATE COAL PRODUCTION TOTALED 54.1 MMST, DOWN 8.8% YOY - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 15.3 million short tons ...
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Showing 1816 to 1820 news of total 6871 |
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- Planning Commission, India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Maheswari Brothers Coal Limited - India
- Economic Council, Georgia
- Renaissance Capital - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Anglo American - United Kingdom
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Metalloyd Limited - United Kingdom
- Deloitte Consulting - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Pendopo Energi Batubara - Indonesia
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- VISA Power Limited - India
- London Commodity Brokers - England
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Alfred C Toepfer International GmbH - Germany
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Indian Energy Exchange, India
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indogreen Group - Indonesia
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Energy Link Ltd, New Zealand
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