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