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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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Tuesday, 26 February 19
CHINA RESTRICTS SEABORNE COAL IMPORTS - WOOD MACKENZIE
In response to news on China's Dalian port restricting seaborne coal imports, Wood Mackenzie's experts provide the following commentary.
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Tuesday, 26 February 19
THE RELATIVELY DISAPPOINTING SCENE PORTRAYED IN THE DRY BULK MARKET RIGHT NOW - ALLIED SHIPBROKING
The relatively disappointing scene portrayed in the dry bulk market right now (especially in the Capesize segment) is undoubtedly one of the prevai ...
Friday, 22 February 19
AUSTRALIAN HIGH CV THERMAL COAL PRICES AT 19-MONTH LOW, BUT NOT FOR LONG - WOOD MACKENZIE
The benchmark Newcastle high energy thermal coal price has fallen from US$100/tonne at the turn of the new year to US$88/tonne. Thermal coal has be ...
Wednesday, 20 February 19
EFFECTIVE NOTICES OF ARBITRATION - AVOIDING WASTED COSTS AND A POTENTIALLY TIME-BARRED CLAIM
KNOWLEDGE TO ELEVATE
In a recent case, The Amity [2017], charterers successfully set aside an arbitration award on the basis that ow ...
Wednesday, 20 February 19
SHIPPING MARKET INSIGHT - INERMODAL
Market experts mostly agree that the recent dry bulk market downtrend was caused by seasonal slowdown amid the Chinese New Year celebrations in com ...
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- Gujarat Electricity Regulatory Commission - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Xindia Steels Limited - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- TNB Fuel Sdn Bhd - Malaysia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Bukit Baiduri Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- Mercator Lines Limited - India
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Oldendorff Carriers - Singapore
- Bulk Trading Sa - Switzerland
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Holcim Trading Pte Ltd - Singapore
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Marubeni Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
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