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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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Thursday, 16 November 17
THE PORT OF NEWCASTLE HAS SHIPPED 14.94 PERCENT LESS COAL IN OCTOBER 2017, DATA SHOWS
COALspot.com: The Port of Newcastle, Australia’s major trading ports, and the world’s largest coal export port has shipped $AU 1,466.8 ...
Thursday, 16 November 17
GOVERNMENT, 13 COAL MINERS AGREE TO CHANGE CONTRACTS - JP
The government and 13 coal mining companies have agreed to change the old Contract of Work (CoW), as part of the implementation of Law No. 4/20199 ...
Wednesday, 15 November 17
IEA RECOGNISES COAL'S CONTINUOUS IMPORTANCE TO GLOBAL ENERGY NEEDS - WCA
The World Coal Association (WCA) has welcomed the International Energy Agency’s (IEA) recognition that coal will continue to play a vital rol ...
Wednesday, 15 November 17
THERMAL COAL WAS DRAGGED DOWN BY THE WEAKNESS ACROSS THE WIDER ENERGY SECTOR - DANIEL HYNES
The coal market was mixed.
Thermal coal was dragged down by the weakness across the wider energy sector, said Daniel Hynes Senior Commodi ...
Wednesday, 15 November 17
MARKET INSIGHT - LINOS KOGEVINAS
For another week, oil seems to be the most volatile and interesting commodity to watch. In this segment we’ll look at some of the major facto ...
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Showing 1876 to 1880 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Malabar Cements Ltd - India
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Uttam Galva Steels Limited - India
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Maheswari Brothers Coal Limited - India
- Indika Energy - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Port Waratah Coal Services - Australia
- Parry Sugars Refinery, India
- The University of Queensland
- Therma Luzon, Inc, Philippines
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Central Electricity Authority - India
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- McConnell Dowell - Australia
- Standard Chartered Bank - UAE
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Parliament of New Zealand
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- AsiaOL BioFuels Corp., Philippines
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Electricity Generating Authority of Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Trasteel International SA, Italy
- PTC India Limited - India
- Electricity Authority, New Zealand
- Directorate Of Revenue Intelligence - India
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