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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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- SMG Consultants - Indonesia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Coal and Oil Company - UAE
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Uttam Galva Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- IHS Mccloskey Coal Group - USA
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Toyota Tsusho Corporation, Japan
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Larsen & Toubro Limited - India
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Oldendorff Carriers - Singapore
- Merrill Lynch Commodities Europe
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Energy Exchange, India
- PTC India Limited - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Central Electricity Authority - India
- The University of Queensland
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Iligan Light & Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Sindya Power Generating Company Private Ltd
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
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