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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, 26 November 18
SUPRAMAX: THE ASIAN MARKET STALLED THIS WEEK WITH A BUILD-UP OF TONNAGE - BALTIC BRIEFING
Capesize
It was a positive end to the week, with West Australia/China making significant gains and firing owners’ resolve. There was talk ...
Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal opera ...
Friday, 23 November 18
ASSOCIATION CALLS FOR REVISION OF DMO SCHEME FOR COAL - JP
The Indonesian Coal Mining Association (APBI) has called on the government to revise the domestic market obligation (DMO) scheme for coal, which re ...
Friday, 23 November 18
INDONESIA'S REVENUES FROM MINERAL AND COAL INCREASE TO US$ 2.858 BILLION - ANTARA
Indonesia`s non-tax state revenues from the mineral and coal sub-sector reached Rp 41.77 trillion (approximately US$ 2.858 Billion) as of Nov 16, 2 ...
Thursday, 22 November 18
SHUT OUT OF CHINA, U.S. COAL EXPORTERS FIND FAVOUR IN INDIA, FOR NOW - REUTERS
U.S. coal exporters have effectively lost a promising market in China since the imposition of tariffs as part of the ongoing trade dispute, but so ...
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- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- McConnell Dowell - Australia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Aditya Birla Group - India
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Romanian Commodities Exchange
- Kaltim Prima Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Power Finance Corporation Ltd., India
- Mercuria Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
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