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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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Tuesday, 05 December 17
THE COKING AND THERMAL COAL RECORDING SMALL GAINS - DANIEL HYNES
Coal markets were higher, with both coking and thermal coal recording small gains, said Daniel Hynes Senior Commodity Strategist at ANZ in his late ...
Tuesday, 05 December 17
WEEKLY US COAL PRODUCTION ESTIMATES DIP WEEK OVER WEEK - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.1 million short ton ...
Thursday, 30 November 17
CONTEMPLATING COAL'S CONTROVERSY AT COP23 - BENJAMIN SPORTON
Representing the coal industry at climate talks is never going to be an easy proposition. For many people, coal and climate action are incompatible ...
Wednesday, 29 November 17
THE LAST DAYS OF COAL? - ALIBRA SHIPPING
At least 15 countries have joined an international alliance to phase out coal use for power generation before 2030.
Britain, Canada, Denmark, ...
Wednesday, 29 November 17
THERMAL COAL MARKETS WERE A LITTLE BIT MORE SUBDUED - DANIEL HYNES, ANZ
Coal prices were stronger, led by gains in coking coal. Premium hard coking coal jumped above USD200/t for the first time in two months, said Danie ...
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Showing 1861 to 1865 news of total 6871 |
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- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Eastern Coal Council - USA
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Timah Investasi Mineral - Indoneisa
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- The University of Queensland
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Anglo American - United Kingdom
- Romanian Commodities Exchange
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Sindya Power Generating Company Private Ltd
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement - Thailand
- London Commodity Brokers - England
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Bayan Resources Tbk. - Indonesia
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Wilmar Investment Holdings
- Jindal Steel & Power Ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Planning Commission, India
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
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