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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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Saturday, 06 April 19
AUSTRALIA COAL POSTS BIGGEST WEEKLY DROP IN A DECADE AMID WEAK DEMAND - REUTERS
Australian thermal coal prices this week registered their biggest weekly fall since the financial market turmoil of a decade ago as demand plunged ...
Saturday, 06 April 19
SUPRAMAX: IT WAS A POOR WEEK OVERALL FOR THE BALTIC SUPRAMAX INDEX, WHICH LOST GROUND - BALTIC BRIEFING
Capesize
The Capesize market over the past week looked to have found a floor on Tuesday with the BCI 5TC at $3460 before firming into the rest ...
Thursday, 04 April 19
OVERSUPPLY STILL MAJOR CHALLENGE WARNS ICS
Speaking in Istanbul, Simon Bennett, Deputy Secretary General of the International Chamber of Shipping (ICS) warned that avoiding overcapacity and ...
Thursday, 04 April 19
GLENCORE, TOHOKU ELECTRIC SET COAL CONTRACT PRICE AT $94.75/T - SOURCE, REUTERS REPORTED
Global miner Glencore and Japan’s Tohoku Electric Power agreed on a price of $94.75 per tonne for supplies of thermal coal from Australia for ...
Monday, 01 April 19
FORCE MAJEURE SUCCESS NOT A SEA CHANGE - BALTIC EXCHANGE
KNOWLEDGE TO ELEVATE
It is difficult to successfully argue that contractual performance has been prevented or delayed by force majeure. This i ...
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- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Jaiprakash Power Ventures ltd
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- SMC Global Power, Philippines
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Deloitte Consulting - India
- Aditya Birla Group - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Maharashtra Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Bharathi Cement Corporation - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Altura Mining Limited, Indonesia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Energy Link Ltd, New Zealand
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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