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Wednesday, 13 February 19
SHIPPING MARKET INSIGHT - INTERMODAL
 If there is one word that can describe the current shipping environment then that this word is most probably “volatility.” The sentiment changes in the blink of an eye. Regulations, tariffs, sanctions, you name it, all play their part. For some, volatility provides opportunities and possibilities to speculate and invest. For others volatility only prolongs the uncertainty and adds to the fatigue. Either way this is the current reality and there are no signs that things will change and become more predictable.
It is widely accepted that shorter cycles are here to stay. Orderbooks and scraping do play a role but sentiment and trade agreements are in the driver's seat. In an industry that is 100% capital intensive to begin with, now more than ever the need for quick reflexes is imperative.
Shorter cycles that span anywhere from 6 to 18 months mean that the opportunity to make money for shipowners is heavily dependent on the price they paid to acquire or build the asset. With that being said the term “asset play” gains a different meaning. The ability to be able to sell or buy an asset when opportunity arises will be very important to the survival let alone the prosperity of a shipping company. Asset play will become more complex and more structured. An early sign of this is last year's import regulations that China implemented that very quickly created a sub-market segregating Tier I and Tier II ships within each size segment.
Don't get me wrong, the way a company operates or charters their assets will still always be the main source of income and will stay at the core of the business model separating the good from the very successful, but the ability to let go of an asset or the capacity to buy an asset due to an opportunity, will give a significant edge to anyone that can do it.
In a market environment that financing remains scarce, expensive and for many still not easily accessible all of the above is easier said than done. But you can’t or at least you should not ignore where things are heading.
More than ever before, this industry is being led by people that know shipping or at least are willing to have a long presence in shipping. The outlanders that entered - or invaded for some - the previous years have either switched focus or have taken the back seat after years of failing to predict the market, realizing that liquidity is not easily achieved when all things go south.
All in all, as long as newbuilding ordering is rational and mostly driven by need of new tonnage and reasonable speculation, over-supply will stay in check, adjust and eventually cease to exist and in my humble opinion shorter cycles will play a role to that. For a shipping company this will make the need for increased SnP activity vital. We are moving towards an industry that will be even faster paced going forward, with new possibilities to be explored and new boundaries, technological and operational to be pushed. With the BDI currently at very low levels it is only logical that we cannot see the forest for the trees, but the forest is there and it is full of opportunities.
By Timos Papadimitriou
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
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, 09 May 19
OFFSHORE CARIBBEAN CONGRESS 2019
Offshore Caribbean Congress 2019
Event Date: 4-5th July. 2019t
Location: Georgetown, Guyana
Hess announced a new d ...
Tuesday, 07 May 19
UNDOUBTEDLY A VERY TROUBLED YEAR FOR THE DRY BULK MARKET, SAYS ALLIED SHIPPING
Undoubtedly a very troubled year for the dry bulk market says Allied Shipping in its latest weekly report.
Thomas Chasapis, Re ...
Saturday, 04 May 19
HOW THE 'FAIR VALUE' OF COAL ASSETS IS AFFECTED BY COMMODITY CYCLES - CRU
As with any commodity, valuing coal assets can be tricky due to the cyclical nature of the market. In this insight, CRU discusses how commodity cyc ...
Friday, 03 May 19
SUPRAMAX: WITH WIDESPREAD HOLIDAYS DURING THE WEEK, THE MARKET LACKED IMPETUS - BALTIC BRIEFING
Capesize
The market last week was a tale of two halves, with substantial volatility. Beginning the week on a positive note the C5 West Australi ...
Friday, 03 May 19
COAL INDIA APRIL OUTPUT RISES 1% TO 45.29 MILLION TONNE - PTI
Coal India Ltd (CIL) Wednesday said its coal production in April 2019 rose by 1 per cent to 45.29 million tonne as compared with 44.86 million tonn ...
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- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- PTC India Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CNBM International Corporation - China
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Samtan Co., Ltd - South Korea
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Indogreen Group - Indonesia
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Thai Mozambique Logistica
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Sree Jayajothi Cements Limited - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Mercuria Energy - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Meenaskhi Energy Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Sical Logistics Limited - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- The Treasury - Australian Government
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
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