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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, 13 December 17
DEMAND FOR THERMAL COAL LOOKED RELATIVELY ROBUST - DANIEL HYNES
Coal prices were a touch higher. Demand for thermal coal looked relatively robust, after reports continued to surface that Chinese authorities have ...
Wednesday, 13 December 17
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
As another year is coming to an end and much has been already written about the positive reversal in the dry bulk market, we think it is interestin ...
Monday, 11 December 17
INDIA CONSUMERS ARE SAID TO BE DESPERATELY SEEKING CARGOES - DANIEL HYNES
Coal markets were stronger, as strong demand outside China continues to spur buying said Daniel Hynes, Senior Commodity Strategist at ANZ.
Acc ...
Monday, 11 December 17
CAPESIZE FFA MARKET LOOKING PROMISING MOVING FORWARD - FIS
Capesize
Another very promising day for the big ships as rates continued to firm in both oceans and the paper market ate into the backwardation s ...
Friday, 08 December 17
U.S. WEEKLY COAL PRODUCTION UP 11.6 PER CENT WEEK OVER WEEK, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.7 million short ton ...
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Showing 1851 to 1855 news of total 6871 |
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- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Standard Chartered Bank - UAE
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- SMG Consultants - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Wood Mackenzie - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- PTC India Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Interocean Group of Companies - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Bhushan Steel Limited - India
- GVK Power & Infra Limited - India
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Meenaskhi Energy Private Limited - India
- Trasteel International SA, Italy
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- Kepco SPC Power Corporation, Philippines
- Marubeni Corporation - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
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