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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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Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
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- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Link Ltd, New Zealand
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- White Energy Company Limited
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- Planning Commission, India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Karaikal Port Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Port Waratah Coal Services - Australia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- The University of Queensland
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- McConnell Dowell - Australia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Intertek Mineral Services - Indonesia
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Parry Sugars Refinery, India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Deloitte Consulting - India
- Manunggal Multi Energi - Indonesia
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Kartika Selabumi Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Orica Australia Pty. Ltd.
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- VISA Power Limited - India
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- SMC Global Power, Philippines
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