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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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Wednesday, 19 December 18
GLOBAL SHIPPING SCOUTS FOR FUTURE GROWTH - PETER SAND, BIMCO
Where do we go to find economic growth that spurs shipping demand in the next five years? According to the International Monetary Fund (IMF), we sh ...
Wednesday, 19 December 18
SHIPPING MARKET INSIGHT - INTERMODAL
As another year is coming to an end, it is interesting to look at the main shipping markets and how these performed compared to 2017.
&nb ...
Tuesday, 18 December 18
COAL DEMAND WILL REMAIN STEADY THROUGH 2023, INTERNATIONAL ENERGY AGENCY SAYS - TOM DICHRISTOPHER, CNBC
Coal consumption is on the rise but will remain roughly stable over the next five years, the International Energy Agency forecasts.
...
Tuesday, 18 December 18
DRY BULK: IN ABSOLUTE TERMS, ALL MAIN SIZE SEGMENTS SAW THEIR ACTUAL VOLATILITY FIGURES DECREASE - ALLIED
Since the beginning of 2016, when the dry bulk market reached its absolute bottom, freight rates have been ever since on an upward trajectory. Taki ...
Tuesday, 18 December 18
COAL OUTLOOK BULLISH DESPITE WEAK CHINESE IMPORT DATA - HEREN, ICIS
Coal prices may appreciate over the remainder of 2018 even despite recent data showing falling imports from the world’s largest producer and ...
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- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Merrill Lynch Commodities Europe
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Barasentosa Lestari - Indonesia
- Africa Commodities Group - South Africa
- Energy Development Corp, Philippines
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- Videocon Industries ltd - India
- Planning Commission, India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Star Paper Mills Limited - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Karaikal Port Pvt Ltd - India
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Intertek Mineral Services - Indonesia
- New Zealand Coal & Carbon
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Thai Mozambique Logistica
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Economic Council, Georgia
- Central Electricity Authority - India
- White Energy Company Limited
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
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