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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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Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
Wednesday, 19 December 18
GLOBAL COAL DEMAND SET TO REMAIN STABLE THROUGH 2023, DESPITE HEADWINDS - IEA
While global coal demand looks set to rise for the second year in a row in 2018, it is forecast to remain stable over the next five years, as decli ...
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- Deloitte Consulting - India
- TeaM Sual Corporation - Philippines
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Siam City Cement PLC, Thailand
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Oldendorff Carriers - Singapore
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- MS Steel International - UAE
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Malabar Cements Ltd - India
- Parry Sugars Refinery, India
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Australian Coal Association
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Siam City Cement - Thailand
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Trasteel International SA, Italy
- Eastern Energy - Thailand
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- Global Green Power PLC Corporation, Philippines
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Star Paper Mills Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Merrill Lynch Commodities Europe
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Banpu Public Company Limited - Thailand
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Leighton Contractors Pty Ltd - Australia
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Australian Commodity Traders Exchange
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Meralco Power Generation, Philippines
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