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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, 29 January 19
CHINA HAS BEEN THE TOP DRIVER OF GLOBAL GROWTH FOR NEARLY TWO DECADES - ALLIED
China has been the top driver of global growth for nearly two decades now, pushing demand for seaborne trade and being the key influencer for deman ...
Saturday, 26 January 19
SUPRAMAX: NICKEL ORE RUNS SAW A 56K DWT VESSEL, DELIVERY PHILIPPINES, FIXED FOR A TRIP TO CHINA AT $6K - BALTIC BRIEFING
Capesize
A week of dashed hopes for owners as the optimism evident the previous week evaporated. Rates slipped on all routes and underlying thr ...
Thursday, 24 January 19
ANOTHER DISAPPOINTING WEEK FOR PANAMAX OWNERS; MARKET CONTINUES DOWN IN BOTH BASINS - FEARNLEYS
Capesize
The week has been marked by low activity and dropping rates in both basins. As usual, supply additions have increased at the beginning ...
Thursday, 24 January 19
KOREA SOUTHERN POWER INVITED BIDS FOR 960K MT OF 4600 NCV COAL FOR THREE YEARS
COALspot.com: South Korea state-owned utility Korea Southern Power Co. Ltd (KOSPO) issued a tender for 320,000 MT of min 4,600 kcal/kg NCV low calo ...
Tuesday, 22 January 19
9TH GLOBAL MANUFACTURING SUPPLY CHAIN INNOVATION SUMMIT 2019
Rethinking the supply chain in manufacturing is a must at the digital era along with the industry transforming and innovating; new manufacturing is ...
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- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- Australian Coal Association
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Xindia Steels Limited - India
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- Tamil Nadu electricity Board
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Bukit Makmur.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- IHS Mccloskey Coal Group - USA
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Ind-Barath Power Infra Limited - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Chettinad Cement Corporation Ltd - India
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Renaissance Capital - South Africa
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Anglo American - United Kingdom
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Sinarmas Energy and Mining - Indonesia
- Sojitz Corporation - Japan
- Samtan Co., Ltd - South Korea
- Dalmia Cement Bharat India
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Coal and Oil Company - UAE
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- IEA Clean Coal Centre - UK
- Leighton Contractors Pty Ltd - Australia
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- India Bulls Power Limited - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Holcim Trading Pte Ltd - Singapore
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