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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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Friday, 19 January 18
U.S. WEEKLY COAL OUTPUT WAS 13.5 MMST FOR THE WEEK ENDING JANUARY 13, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totaled an estimated 13.5 million short tons ...
Thursday, 18 January 18
WORLD TRADE IN HARD COAL RISES BY 1.5% IN 2017 - KOHLENIMPORTEURE
Press Release: World Trade in Hard Coal Rises by 1.5% in 2017. German Steam Coal Imports Plummet by 15% in 2017 – in Contrast to Other Sector ...
Wednesday, 17 January 18
SHIPPING MARKET INSIGHT - INTERMODAL
As we are now well into the first month of 2018, the mood across the entire offshore industry undeniably remains rather positive following the oil ...
Monday, 15 January 18
THE FREIGHT RATES ARE EXPECTED TO BE FLAT TO WEAK THIS WEEK - VISTAAR
COALspot.com: The daily average earnings for Supramax, for the route Indonesia to India passing through Singapore has stayed firm, week over week, ...
Monday, 15 January 18
QUEENSLAND SHIPPED 210.8 MT OF COAL IN 2017, DOWN 5% YOY QUEENSLAND RESOURCES COUNCIL
Queensland's coal exports over the 12 months reached 210.8 mt which is down 10 mt or 5 per cent from the previous year’s record of 220.8 ...
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Showing 1826 to 1830 news of total 6871 |
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- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Independent Power Producers Association of India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Economic Council, Georgia
- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Australian Coal Association
- Power Finance Corporation Ltd., India
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Globalindo Alam Lestari - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Neyveli Lignite Corporation Ltd, - India
- Thai Mozambique Logistica
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Kumho Petrochemical, South Korea
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Ministry of Finance - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Global Business Power Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Semirara Mining Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Makarim & Taira - Indonesia
- The University of Queensland
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Renaissance Capital - South Africa
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Posco Energy - South Korea
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
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